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EEPORT 



SUPERINTEND 




INSURANCE 



DOMINION OF CANADA 



YEAB ENDED 31st DECEMBER 

1892 

PRINTED BY ORDER OF PARLIAMENT 




. .-• .. 



OTTAWA 

PRINTED BY S. R DAWSON, PRINTER TO THE QUEEN'S MOST 

EXCELLENT MAJESTY 



{B%.4> — 1898.] Price 86 cents. 



1898 ,-y. 



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TABLE OK CONTENTS, 1892. 



Report of Superintendent of Insurance to Minister of Finance for 1892, dated 26th 

July, 1893 v to lix 



FIEE AND MAEINB. 

Abstract of Fire Companies for 1892 lxii 

Premiums received for Fire Insurance in Canada for Years 1869 to 1892 lxiv, lxvi & lxxii 

Losses paid for Fire Insurance in Canada for Years 1869 to 1892 lxviii, lxx & lxxiii 

Summary of Fire Insurance in Canada for Years 1869 to 1892 lxxiv 

Abstract of Firt and Marine Insurance done by Canadian Companies, and of Inland 

Marine and Ocean Business done by Companies combining both these branches^ 

for 1892 lxxvi 

Inland Marine Business in Canada for 1892 lxxviii 

Statement of the General Fire Assets and Liabilities of British Companies lxxix 

Assets of Canadian Companies doing business of Fire or Inland Marine Insurance 

for 1892 f. • lxxx 

Liabilities of Canadian Companies doing business of Fire or Inland Marine Insurance 

for 1892 lxxxi 

Assets in Canada of British and American Companies doing business of Fire and 

Inland Marine Insurance for 1892 lxxxii 

Liabilities in Canada of British and American Companies doing business of Fire and \ 

Inland Marine Insurance for 1892 lxxxiv 

Cash Income and Expenditure of Canadian, British and American Companies doing 

Fire or Inland Marine Business for 1892 lxxxvi 

Percentage or Ratios of Losses to Premiums, Premiums to Risks, &c, <fec, of all 

Companies doing Fire or Marine Insurance for 1892 lxxxviii & Ixxxix 

Detailed Statements of Fire and Inland Marine Companies for 1892 5 to 158, 



LIFE. 



Abstract of Life Insurance in Canada for year 1892 xcii 

Increase or decrease of items of Life Insurance in Canada, among active Companies 

for 1892, compared with 1891 xciv 

Abstract of Life Insurance done by Canadian Companies which do business outside of 

the Dominion for 1892. xcvi 

Increase or decrease of Life Insurance done by Canadian Companies which do business 

outside of the Dominion for 1892, compared with 1891 xcvii 

Life Insurance terminated during the Year 1892 xcviii 

Assets of Canadian Life Insurance Companies, 1892 xcix 

Liabilities of Canadian Life Insurance Companies, 1892 c 

Assets in Canada of British Life Companies, 1892. ci 

Assets in Canada of American Life Companies, 1892 cii 

liabilities in Canada of British and American Life Companies, 1892 ciii 

Income of Companies doing Life Business, 1892 civ 

Expenditure of Companies doing Life Business, 1892 cv 

Payments to Policy-holders, 1892 cvi 

Detailed Statements of Life Companies for 1892 163 to 344 



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Ill 
ASSESSMENT SYSTEM. 

Abstract of Assessment Life Insurance in Canada for the Year 1892 

Assessment Life Insurance terminated in natural course or by surrender and lapse, 
during the Year 1892 



SUNDRIES. 

Assets of Canadian Accident, Guarantee, Plate Glass and Steam Boiler Companies, 

1892 cix 

Liabilities of Canadian Accident, Guarantee, Plate Glass and Steam Boiler Companies, 

1892 ex 

Abstract of Accident Insurance in Canada for 1892 cxi 

Abstract of Guarantee Business in Canada for 1892 cxi 

Abstract of Accident and Guarantee Business done by Canadian Companies which 

do business outside of the Dominion, for 1892 cxii 

Abstract of Plate Glass Insurance in Canada for the Year 1892 cxii 

Abstract of Steam Boiler Insurance in Canada for the Year 1892 cxii 

List of Companies licensed to do business in Canada under the Insurance Act, as at 
17th July, 1893, with names of Chief Agents and amounts of deposits with 

Receiver-General cxiv to cxvi 

Detailed Statemeuts of Accident, Guarantee, Plate Glass and Steam Boiler Insurance 

Companies for 1892 '. 349 to 386 

Detailed Statements of Assessment Life Insurance Companies for 1892 389 to 411 

List of Stockholders of the various Companies 415 to 471 

Statement of Assessment on Companies 472 

Detailed Index, see end of Book. 



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Office of the Superintendent of Insurance, 

Ottawa, 26th July, 1893. 
To the Honourable 

George B. Poster, 

Minister of Finance. 

Sir, — I have the honour herewith to submit tho statements in detail of Insur- 
ance Companies for the year 1892, together with such an abstract and analysis of 
them as appeared proper to exhibit the progress of the business and the condition 
of the companies. 



FIEE AND INLAND MARINE INSURANCE, 1892. 

During the year 1892, the business of fire insurance in Canada was carried on 
by 40 companies ; of these 8 were Canadian, 24 British and 8 American. Inland 
Marine Insurance was also transacted by 4 of them (2 Canadian, 1 British and 1 
American), and Ocean Marine by 2 of them (both Canadian). This list of com- 
panies differs from that of the previous year by the addition of 1 Canadian company, 
the Mercantile Fire Insurance Company, and of 2 British companies, the Alliance, 
and the Sun Fire, and the withdrawal of one British company, the Queen of Liver- 
pool. One British company (the British and Foreign Marine) carried on the busi- 
ness of inland marine insurance exclusively. 

The British companies above mentioned, to which* licenses were issued, were 
respectively licensed on the 29 th day of February, 1892, and the 3rd day of June, 
1892, and the Mercantile Fire on the 20th day of June, 1892. The company last 
mentioned is a provincial company, incorporated by an Act of the Legislature of 
the Province of Ontario, and carried on business in that province before the issue of 
the Dominion license. 

Fire Premiums and Losses in Canada in 1892. 

The cash received for premiums during the year in Canada has amounted to 
$6,512,327, being greater than that received in 1891 by $343,611; and the amount 
paid for losses has been $4,377,270, which is greater than that paid in 1891 by 
$471,573. The ratio of losses paid to premiums received is shown in tho following 
table : — 

Fire Insurance in Canada, 1692. * 



1 

j Paid 

| for 

■ Losses. 


Received 

for 
Premiums. 


Rate of 
Losses Paid 

per cent 
of Premiums 

Received. 


The 

same for 

1891. 


Canadian companies 

British do 

American do 


1 

f 
........... ..\ 

1 


* 

792,211) 

2,878,149 

700,902 


1,052,041 
4,455,474 
1,004,812 


75 30 
G4'60 
70 35 


73 57 
60 95 
5876 


Totals 


4,377,270 


6,512,327 


6722 


0331 


4— B 













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VI 



DEPARTMENT OF FINANCE — INSURANCE BRANCH. 



The corresponding results for the twenty-four years over which our records, 
extend, are given below: — 

Fire Insurance in Canada. 







i 


Rate of 




Premiums 
Received. 


LosseH Paid. 


Looses Paid 




\*>r cent 
of Premiums. 










* 


8 


S 


1869 


1,785,539 


1,027,720 


57-56 


1870 


1,910,779 


1,624,837 


84-77 


1871 


2,321,710 


1,549,199 
1,909,975 


66 73 


1872 


2,628,710 


f 72 66 


1873 


2,968,41* 


1,682,184 


i 56 67 


1874 


3,522,303 


1,926,159 


1 5468 


1875 


3,594,7*54 


2,563,531 


71 31 


1876 


3,708,000 


2,867,295 


1 77 33 


1877 


3,764,005 


8,490,919 


j 225-58 


1878 


3,3<>8,430 


1,822,674 


54 11 


1879 


3,227,488 


2,145,198 


66 47 


1880 


3,479,577 


1,666,578 


, 47 90 


1881 


3,827,116 


3,169,824 


8283 


1882 


4,229,706 


2,604,986 


! 6301 


1883. 


4,624,741 


2,920,228 


j 63 14 


1884 " 


4,980,128 


3,245,323 


65-16 


1885 


4,852, 460 


2,679,287 


55 22 


1880 


4,932,335 


3,301,388 


66 93 


1887 


5,244,502 


3,403,514 


64 90 


1888 


5,437,263 


3,073,822 


56-53 


1889 


5,588,016 


2,876,211 


5147 


1890 ' 


5,830,071 


3,266,507 


55 97 


1891 


6,168,716 


3,905,097 


6331 


1892 


6,512,327 


4,377,270 


6722 


Totals 


98,519,114 


68,160,386 


69 18 







Taking the totals for the same twenty-four years, according to the nationalities 
of the companies, the following are the results: — 

Fire Insurance in Canada for the twenty-four years — 1869-1892. 



' 


Premiums 
Received. 


Lossen Paid. 


Kate of 
Losses paid 


• 


per cent 
of Premiums. 


1 

Canadian companies 


* 

27,140,057 
62,7M,242 

8,582,215 


* 

19,481,824 

42,961,426 

5,717,136 


71*78 


British ao 

American do 


6841 
6662 


Totals 


98,519,114 


68,160,386 


69 18 



If we had excluded from those tables the year of the disastrous fire in St. John 
(1877), the average loss-rate would have come out 62-97. 

Obtaining an approximation to the losses incurred during the year, by exclud- 
ing the payments for losses outstanding at the beginning of the year, and including 
the amounts estimated for those of the year still unsettled, the ratio of the losses 



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REPORT OF THE SUPERINTENDENT. 



VI 1 



incurred to premiums received comes out 68*64 per cent, which is 4' 69 per cont 
greater than the 63-95 of the previous year, and is 6-68 per cent greater than the 
average for the last fifteen years (61-96). The following are the rates of incurred 
losses from 1878 : — ' 



Canadian j73'33 

British '66' 

American 73" 86 

Totals ;68'64 



1891. 



1890. 



7179 6307 
62-00 56 29 
6126 62 08 



63-95 58-25 



1889.11888 



56-64,65-14 
4835 5308 



1887.1886. 



1885. 1884.11883. 



I 



1882. 



6997I65-24 5610!65-30ni7 
64-62(6801 56-62,64-29 6594 



I 



188L 



1880. 



I 



4839 5281 72-4l|58 44 57 45J50 17 5205 
50 09155 57 



72-8411204 
65 27 7214 
54 33' 6094 



;i; 



66 40J66 62 56 56 63 48,66 11 



6637; 83,94 



5450 



1879. 



67 81 



37-28 ; 67'83 

46 73J79-39I5913 



1878. 



5221 
47 24 



I 



43 82 68-63 4967 



Some indication of the relative condition of Fire Insurance in the different pro- 
vinces is given by the following return furnished by twenty-four of the companies 
operating therein : — 





Net Premiums. 


i 
Losses Paid. ' 


Loss Rate. 


!The same for 




| 1891. 


OnUfrio .' 


$ cts. 

2,045,885 16 
1,292,590 38 
262; 188 75 
281,155 55 
41,384 92 
294,030 46 
200,549 74 


$ Ctfl. 

1,353,531 01 
887,760 32 
120,379 15 
297,263 63 

24,274 55 
156,982 24 

73,282 87 


66 16 
6868 
45 91 
105 73 
5866 
53 39 
36-54 


i 

| 6?00 


Quebec 

Xova Scotia '. 


1 .64 23 
65 80 


Xew Brunswick 


1 4968 


Prince Edward Island . . : . 

Manitoba 

Hriti&h Columbia 


1 55-78 

2959 

! 5189 







Fiee Insurance in Canada, 1892. 

The gross amount of policies, new and renewed, taken during the year by Fire 
Companies was $687,175,688, showing the large increase of $63,757,266 over the 
amount taken in 1891. The premiums charged thereon amounted in 1892 to $8,080,- 
503.18, being an increase of $838,007.74 over the amount charged the previous year. 
The rate of premiums is- somewhat greater than that of 1891, and the loss rate, 
(67 '22) is greater (3*91) being 4*25 per cent greater than the average loss rate 
(62- J7) for the past twenty-four years, the year 1877 being excluded. 

The rate per cent of premiums charged upon risks taken is shown in the follow- 
ing tablo : — 






Gross Amount 

of Risks 

taken during 

the Year. 


Premiums 
charged 
thereon. 


Rate of 
Premiums 
charged 
per cent 
of Risks 
taken. 


The 

same for 

1891. 


The 

same for 

1890. 


The 

same for 
1889'. 


Canadian companies 

British do 

American do 


$ 

112,566,165 
466,900,791 
107,708,732 


$ cts. 

1,398,378 35 
.5,435,943 16 
1,252,181 67 


124 
1 16 
116 


> 

1 25 
114 
114 


1 

122 ! 126 
111 113 
107 i 110 






Total 


637,175,688 


8,086,503 18 


118 


116 


113 116 









4— b£ 



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Till DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

The increase in the amounts taken in 1892, as compared with 1891, among 
British companies, is $55,152,738; and among American companies, $31,982^037; 
among Canadian companies t^ero is a decrease of 923,377,509. 

The details of the increase and decrease for the individual companies are as 
follows : — 

Canadian Companies. 

Increase.— Eastern, $8,471,155; London Mutual, $58,824; Quebec, $141,995— 
Total, $8,671,974. To this must be added $10,091,660, the risks taken by the Mer- 
cantile Fire, which reports this year for the first time. 

Decrease.— British America, $1,263,011; Citizens, $19,324,168; Eoyal Canadian, 
$19,833,691 ; Western, $1,720,273— Total, $42,141,143. Total decrease, $23,377,509. 

British Companies. t 

Increase.— Alliance, $21,265,029; Atlas, $1,959,257; Caledonian, $1,730,372; 
Commercial Union, $1,922,041; Employers' Liability, $805,495; Fire Insurance 
Association, $170,095; Guardian, $11,288,291; Imperial, $25,358; Lancashire, 
$2,541,573; Liverpool and London and Globe, $1,897,942; London Assurance, 
$223,145; Manchester, $1,956,637 ; National of Ireland, $1,349,663; North British, 
$3,215,824; Norwich Union, $1,695,923; Phoenix of Loudon, $3,043,478; Royal, 
$3,956,265; Scottish Union, $413,806 ; Sun Fire, $4,469,778; Union Society, $2,221,- 
084; United Fire, $16,585,190— Total, $82,736,246. • 

Decrease. — City of London, $7,085,666; London and Lancashire Fire, $66,498 ; 
Northern, $28,724; Queen of Liverpool, $20,402,620— Total, $27,583,508. Total 
increase, $55,152,738. 

American Companies. 

Increase. — jEtna Fire, $1,155,135 ; Insurance Co. of North America, $1,258,2*6 ; 
Phenix of Brooklyn, $434,950; Phoenix of Hartford, $9,452,845 ; Queen of America, 
$21,215,151. Total, $33,516,317. 

increase.— Agricultural of Watertown, $772,130; Connecticut Fire, $100,000 ; 
Hartford, $662,150. Total, $1,534,280. 

Total increase, $31,982,037. 

Premiums and Losses compared with Bisks. 

The average rate of premium charged on each $1,000 of risks taken in 1892 is 
$11,768, as against $11,627, which was the corresponding rate in 1891. The indi- 
vidual rates for the different companies, will be found in an annexed table, and will 
be seen to vary a good deal, as might naturally be expectod, considering the 
varieties of the business done by the companies. 

The losses incurred (approximate) during the 3*ear, compared with the amounts 
of risk current (taking for this the mean of the amounts in force at the beginning 
and end of the year), have beon at the average rate of $5.61 per $1,000 current 
risk. The corresponding rates for 1882-3-4 5-6-7-8-9-90-91 were $5.68, $5.56, $5.37, 
$4.54, $5.48, $5.70, $4.70, $4.19, $4.84 and $5.33 respectively. 

The losses are, however, as usual, distributed very unevenly among the different 
companies, as appears from the following, computed on the above basis; where, for 
convenience of comparison, the corresponding rates for 1891 are appended within, 
parentheses : — 



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REPORT OF THE SUPERINTENDENT. IX 

London Mutual, $2.19 ($1.75) ; Agricultural of Watortown, $2.22 ($2.92); 
Connecticut Fire, $2.97 ($3.68) ; London Assurance, $3.72 ($2.98) ; Imperial, $4.12 
($3.87) ; Caledonian, $4.43 ($6.45) ; Liverpool and London and Globe, $4.58 C$4.25) ; 
Northern, $4.59 ($5.03) ; Royal, $4.68 ($4.73) ; Hartford, $4:83 ($7.08) ; London 
and Lancashire, $4.79 ($4.11); Sun Fire $5.12 ( ....); Phoenix of London, $5.13 
($5.37); North British, $5.18 ($5.56); Norwich Union. $5.33 ($4.44); British 
America, $5.39 ($6.61); Western, $5.52 ($5.44); Alliance, $5.63 ( ); Lanca- 
shire, $5.77 ($6.53) ; Phenix of Brooklyn, $5.91 ($5.07) ; Scottish Union and Natio- 
nal,$6.39 ($5.42) ; Guardian, $6.45 ($7.24) ; Fire Insurance Association,$6.56 ($4.74); 
Atlas, $7.02 ($7.61) ; National of Ireland, $7.28 ($7.92) ; Mercantile, $7.35 (....) ; Com- 
mercial Union, $7.42 ($5.52) ; Insurance Company of North America, $7.73 ($7.jl7) ; 
Manchester, $7.77 ($9.57) ; Queen, $8.16 ($4.68); JEtna Fire, $8.36 ($7.47) ; Union 
Society, $8.89 ($11.07); Quebec, $9.43 ($8.15); Eastern, $9.85 ($8.20); Employers' 
Liability, $9.92 ($8.42); United Fire, $11.52 ($7.59) ; Phoenix of Hartford, $11.90 
($10.47). 

The annexed table gives the gross amounts of risks taken by the several com- 
panies during the year, and the premiums charged thereon, and also the distribu- 
tion of losses, with the proportionate rate of premiums to risks, and the proportion 
of the Amounts paid for losses to those received for premiums during the year. For 
convenience of comparison the rates of 1891 are appended. It must be noted that 
the premiums in the second column are those charged on the whole gross amount of 
risks taken by each company during the year. 



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DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

Fire Insurance done in Canada, in 1892. 



Canadian Companies. 

British America 

Citizens'. 

Eastern 

London Mutual 

Mercantile 

Quebec 

Royal Canadian , 

Western 



Total. 



British Companies. 



Alliance 

Atlas , 

Caledonian 

City of London 

Commercial Union 

Employers' Liability . . 

Firelnsurance Association 

Guardian . , 

Imperial 

Lancashire , 

Liverpool and London and 
Globe , . .. 

London and Lancashire 

London Assurance 

Manchester 

National of Ireland 

North British 

Northern 

Norwich Union 

Phoenix of London 

Royal 

Scottish Union and Na- 
tional 

Sun Fire.. 

Union Society 

United Fire 



Total 

American Companies. 

JEtna Fire 

Agricultural of Waterto'n 

Connecticut Fire 

Hartford 

Insurance Co. of N. A. . 
Phenix, of Brooklyn. . . 
Phcenix, of Hartford. . . 
Queen, of America 

Total 



Gross 
Amount of 

Risks 
taken dur- 
ing 
the Year. 



Grand Totals. 



19,274,110 
1,838,130 
21,295,899 
14,673,345 
10,091,660 
10,550,214 

None. 
34,842,807 



112,566,165 



21,265,029 

7,770,331 

11,539,588 

4,399,936 

34,836,475 

6,340,912 

10,770,791 

29,592,330 

19,287,999 

25,654,913 

32,149,991 
17,052,644 
13,274.373 
12,070,027 
8,444,851. 
40,621,900 
17,618,744 
12,999,552 
26,296,18" 
56,792,860 

16,016,770 
4,469,778 
9,205,115 

28,429,695 



Premiums 
charged 
thereon. 



eg 

JEgJ 

•si' 



$ cts. 

232,041 56 
22,558 66 
247,256 78 
179,846 69 
124,599 29 
138,572 67 

None. 
453,502 70 



1,398,378 35 



244,407 42 

96,560 80 

127,912 83 

69,056 93 

435,160 31 

84,957 37 

120,185 88 

331,866 09 

228,434 76 

322,921 63 

338,853 45 
201,820 11 
125,174 46 
151,254 96 
106,819 66 
441,438 66 
204,343 88 
147,824 90 
292,503 99 
625,735 28 

160,009 29 

, 55,240 30 

127,247 45 

396,212 75 



466,900,791 5,435,943 16 



15,907,628 

8,049,992 

3,500,000 

14,895,760 

6,994,328 

11,443,640 

21,890,771 

25,026,613 



173,891 08 

72,642 74 

38,249 00 

163,868 33 

77,357 37 

130,384 01 

290,369 24 

,%5,419 90 



107,708,732 1,252,181 67 



687,175,688 8,086,503 18 



1'20 
128 
116 
123 
1 23 
131 



1*30 



124 



1 15 
124 
111 
1-57 
1 25 
1-34 
112 



105 
118 
•94 
1 25 
126 
1 09 
116 
114 
111 
110 

1 00 
1 24 
1 
139 



Net ' 

Cash paid 

during 

the Year for 

Losses. 



123 
128 
131 
126 



132 
119 
122 



125 



116 



109 
90 
09 
10 
11 
•14j 
.33 
22 



29 
102 



114 



116 



1 14 



' $. cts. 

148,510 70 
28,521 48 

119,834 96 

96.261 67 

82,370 47 

81,973 88 

8,306 38 

226,439 82 



Net Cash 
received 

during the 
Year for 

Premiums. 



^2 



<D 00 
° i- 3 



792,219 36 



115,398 53 
53,611 39 
59,887 56 
42,936 92 

289,794 79 
51,648 71 
90,723 54 

193,028 87 
93,038 98 

173,591 93 

202,829 02 

100,276 74 

47,823 24 

79,519 47 

61,713 30 

240,402 07 

101,738 35 

74,582 35 

135,335 29 

361,616 09 

94,038 42 

7,716 56 

47,226 89 

153,670 02 



8 CtB. 

172,413 81 
22,334 70 

190,662 58 

128,512 77 
98,585 07 

111,577 95 
4,612 50 

323,340 53 



1,052,039 91 



86 
127 
62 
74 
83 
73 
180 
70 



75 30 



1 



75* 18 
6729 
6129 
67 55 



6726 
84 24 
6499 



6965 



288,240 T»8 

92,890 41 
112,083 82 

56.S23 55 
357,747 00 

76,957 75 
105,216 36 
371,475 93 
201.177 31 
285,920 12 

#12,472 43 
190,308 03 
104,205 96 
121,229 02 
90,475 58 
380,392 61 
170,127 59 
118,398 81 
250,285 12 
567,387 00 

137,817 08 
37,130 62 
104,397 71 
173,044 36 88 80 



40 04 
57 71 

52 76 

53 43 
81 01 
67 11 
8623 
5*1-96 
4625 
6071 

64 91 
5584 
45 87 

65 59 
6321 
6320 
5980 

62 99 
5407 

63 73 

6823 
2078 
45 24 



77 28 
83 49 
45 92 
57-78 
62 06 
6523 
8563 
4444 
7103 

57 88 



2,878,149 03i 4,706,204 85. 6116 6095 



69 
49 



[ 



105,378 66 
47,990 15 
15,990 39 
72,715 84 
31,075 17 
73,286 13 
169,316 22 
191,150 23 



I 



139,084 19 
61,922 83 
33,054 02 

144,482 69 
54,885 30 
88,426 15 ! 

211,875 71' 

271,080 78 



75 77 
77 50 
48-38 
50 33 
56 62 
8288 
79 91 
70 51 



55 59 
86 19 
36.74 
72 30 
4573 
54-94 
5656 
1868 



706,902 79 1,004,811 67 7035 5876 



118] 116 



4,377,271 18 6,763,056 43* 6472 6259 



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' report of the superintendent. zl 

British Fire Companies. ' 

The total cash receipts from premiums were $4,706,205, being an increase of 
$517,034, as compared with the previous year ; the payments for losses were $2,878,149, 
being $324,987 greater than for 1891 ; while the general expenses amounted to 
$1,375,115, being $209,120 greater than in 1891, thus leaving a balance of $452,941 
in favour of the companies. In the previous year this balance was $470,014. 

Paid for losses ... $ 2,878,149 

do general expenses '. 1,375,115 

Total.. $ 4,253,264 

Eeceived for premiums '. 4,706,205 

Balance in favour $ 452,941 



The following detail gives the balances for the different companies: — 

Balances in favour : — Alliance, $75,775; Atlas, $14,100; Caledonian, $18,679; 
Employers' Liability, $2,792; Guardian, $43,150; Imperial, $46,140; Lancashire, 
$41,732; Liverpool and London and Globe, $19,234; London and Lancashire Fire, 
$34,047; London Assurance, $21,076; Manchester, $3,463; National of Ireland, 
$4,046; North British, $28,963; Northern, $24,774; Norwich Union, $13,263; 
Phoenix of London, $52,135 ; .Royal, $58,185 ; Scottish Union and National, $12,718; 
Sun Fire, $4,921 ; Union Society, $27,253. Total, $546,446. 

Adverse balances: — City of London, $7,989; Commercial Union, $33,143; Fire 
Insurance Association, $19,672 ; United Fire, $32,701. Total, $93,505. 

Total balance in favour, $452,941. 

For every $100 of premiums received there were spent, on the average, $61.16 
in payment of losses and $29.22 for general expenses, leaving $9.62 for the companies. 

In 1891 the loss rate was $60.95 and the general expenses $27.83 for every $100 
of premiums received. 

For the fire business the rate of premium was $11*643 per $1,000 of risks taken, 
as against $11*399 in 1891. 

Hence, these companies have done a greater volume of business than in 1891, at 
a greater rate of premium, at a higher rate of expense, and at a greater rate of loss. 

Collecting the results for the eighteen years, from 1875 to 1892, as regards the 
receipts for premiums and the expenditure of the British companies, we find : 

Paid for losses (1875-92) $37,238,629 

do general expenses '. 13,689,912 

Total payments $50,928,541 

Eeceived for premiums 54,577,499 

Excess of receipts over payments .-..$ 3,648,958 

It will be seen, from an examination of the table given below, that an adverse 
bf.Iancc was in existence from the year 1877 until the end of the year 1886, due to 
the exceptional circumstances of the conflagration at St. John in the first-mentioned 
year — when the losses paid by British companies amounted to almost five millions 



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Xll 



DEPARTMENT OF FINANCE — INSURANCE BRANCH. 



of dollars j that such adverse balance was reversed at the end of the year 1887, wheu 
a favourable balance of $341,398 was shown, and that this favourable balance has 
since increased from year to year, amounting, at the close of 1892, to $3,648,958. 



(+ Favourable. - Adverse.) 








Year. 


Balance. 


Year. 


Balance. 






* 






$ 


1875 


+ 


51,765 








1876 : 


+ 


89,015 


1875 to 76 


+ 


140,780 


1877 : 


- 


4,210,951 


1875 to 77 


- 


4,070,171 


1878 


+ 


676,458 


1875 to 78 


- 


3,393,713 


1879 


+ 


210,430 


1875 to 79 


- 


3,183,283 


1880 


+ 

+ 


727,389 
161,162 


1875 to '80 
1875 to '81 


~* 


2,455,894 


1881 


2,294,732 


1882 


+ 
+ 


481,511 
449,797 


1875 to '82 
1875 to '83 


- 


1,813,221 


1883 


1,373,424 


1884 


+ 


4&3,919 


1875 to '84 


- 


929,505 


1886 


+ 


674,984 


1875 to '85 


- 


254,521 


1886 


+ 


237,216 


1875 to '86 


- 


17,305 


1887 


+ 


359,243 


1875 to '87 


+ 


341,938 


1888 


+ 


752,966 


1875 to '88 


+ 


1,094,894 


1889 


+ 


918,128 


1875 to '89 


+ 


2.013,022 


1890 


+ 


712,981 


1875 to '90 


+ 


2,726,003 


1891 


+ 


470,014 


1875 to '91 


+ 


3,196,017 


1892 ; 


+ 


452,941 


1875 fo '92 


+ 


3,648,958 







The reports of the general business of the British companies, which are appended 
to their several statements, are taken cither from the published reports of the com- 
t panie6 to their shareholders, or from the reports as furnished to the British Board 
of Trade. # As the accounts are made up in a form not readily understood, except by 
an expert, I have this year, as in previous years, made an approximate analysis of 
them, which will be found on page lxxix. Only two or three of these companies 
profess to make any special provision for liability under the head of " Unearned Pre- 
miums," but they set aside a certain sum under the title of "Fire Fund," which is 
held to meet future contingencies, and is charged against the company as a liability. 
I have taken 60 per cent of the annual revenue from premiums as a fair approxima- 
tion to the exact pro ratd of the premiums on unexpired risks, which forms the basis 
of the ittem in our returns for Canadian business. Also, in cases where life insurance 
is combined with fire (the assets of these branches being required by the Imperial 
statute to be kept separately) I have omitted the lifo business entirely, considering 
that the life funds are more than sufficient to cover the liabilities in this branch, and 
thus making the results, as regards the paid-up capital, less favourable to the com- 
panies. 

American Fire Companies. 

The receipts for premiums were $1,009,978 ; the payments for losses $706,903 ; 
and the general expenses $319,562. Hence, for every $100 of premiums received 
there were spent on the average $t;9.99 in payment of losses, and $31.64 in general 
expenses. 

The following detail gives the balances for the different companies: — 

Balances in favovr.—Mtna. Fire, $1,909; Hartford, $39,282; Connecticut Fire, 
$3,654; Insurance Company of North America, $5,859. Total, $50,704. 



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REPORT OF THE SUPERINTENDENT, 



Xlll 



Adverse balances. — Agricultural of Watertown, $14,086; Phenix of Brooklyn, 
$10,605; Phceuix of Hartford, $40,949; Queen, $1,551. Total, $67,191. 

Total adverse balance, $16,481. 

The results of the total business of these companies, from 1875 to 1892, inclu- 
sive, are as follows : — 

Paid for losses (1875-92) $5,024,623 

do general expenses 1,792,883 

Total payments $6,817,506 

Beceived for premiums 7,525,571 

Excess of receipts over payments $ 708,065 



The table given below shows the result of the business of each year from 1875 
to 1892, inclusive, and the total results from year to year during the same period. 



Year. 




Years 
inclusive. 




1875 

1876 

1877 

1878 

1879 

1*80. 

1881 

1882 

1883 

1884 

1885 


$ 

+ 58,841 
+ 97,919 

— 396,468 

— 47,399 
f 32;894 
+ 56,316 
+ 53,747 
+ 62,244 
+ 102,135 
+ 91,136 
-L- 100,784 
+ 91,096 

49 
+ 102,288 
+ 97,488 
+ 54,404 
+ 72,378 

— 16,487 


1875andl876 
1875 to 1877 
1875 to 1878 
1875 to 1879 
1875 to 1880 
1875 to 1881 
1875 to 1882 
1875 to 1883 
1875 to 1884 
1875 to 1885 
1875 to 1886 
1875 to 1887 
1875 to 1888 
1875 to 1889 
1875 to 1890 
1875 to 1891 
1875 to 1892 


8 

+ 156,760 

— 239,708 

— 192,309 

— 159,415 

— 103,099 

— 49,352 
+ 12,892 
+ 115,027 
+ 206,163 
+ 306,947 


1886 

1887 

1888. 

1889 


+ 398,043 
+ 397,994 
+ 500,282 
4- 597,770 


1890. 

1891 

1892 


+ 652,174 
+ 724,552 

4- 708,065 



Favourable. 



Adverse. 



Canadian Fire Companies. 



In considering the Canadian companies, their whole fire insurance business, in 
Canada and elsewhere, as well as their whole marine business must be taken 
into account, inasmuch as a separation of expenses between these branches has not 
been made. 

The following table gives the distribution of their fire business between Canada 
and elsewhere, and shows that the foreign business has been, on the whole, more 
favourable to the companies than the home business : — 



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XIV 



DEPARTMENT OF FINANCE— INSURANCE BRANCH. 

Fire Insurance. 1892. 



Company. 



British America 

Citizens' 

Quebec 

Western 

Totals 



In Canada. 




In other Countries. 



53,266,721 

2,525,646 

4,349,985 

122,662,169 



"8 

| 

ft 

Pm 



182,804,521 



S 

532,618 

32,795 

44,793 

1,297,446 



1,907,652 



378,771 
63,485 
38,74U 

710,549 



1,191,545 



71 11 

19358 

8649 

5477 



6246 



The subjoined table gives the rate per cent of losses paid, as compared with 
premiums received, upon business done in Canada and other countries by Canadian 
companies, during the years 1878 to 1892, inclusive, a perusal of which will show 
that, taken over (he whole period, the Canadian business has been more favourable 
to the companies than the business transacted in other countries : — 



Year. 



1878. . 
1879. . . 
1880. . . 
1881. . . 
1882., 
1883... 
1884. . . 
1885... 
1886. . . 
1887. . . 
1888. . . 
1889. . . 
1890. . . 
1891. . . 
1892. . . 



In Canada. 



In other Countries. 



6 

s 

a 



591,495 

552,090 

459,653 

428,795 i 

543,126 I 

606,557 

550,188 ' 

983,555 l 

996,562 ! 

1,002,817 

1,002,109 

1,014,314 

1,018,226 I 

1,102,237 ! 

629,708 



241,545 
287,729 
219,954 
304,488 
334,000 
436,800 
376,969 
518,633 
655,534 
661,682 
655,191 
586,164 
604 84(5 
780,802 
485,446 



PS > 



Totals 11,481,432 7,149,843 



40 84 
52 12 
47 85 

71 01 
6150 

72 01 
68-52 
52 73 
65 78 
85-98 
65 38 
57 79 
59 40 
70-84 
77 09 




1,251,923 ' 

1,309,!K>2 

1,377,310 

1,419,085 

1,413,989 

1,483,941 

1,401,051 ! 

1,485,078 

1,499,840 

1,496,712 

1,453,410 : 

1,527,909 

1,584,879 , 

1,662,538 ! 

1,907,652 , 



737,430 

925,242 

885,293 

1,085,846 

1,1 7,399 

1,136,380 

1,122,882 

1,051,090 

1,049,575 

1,037,123 

1,008,509 

1,012,624 

910,511 

1,165,583 

1,191,545 



I 



62 27 22,295,219 15,455,032 



5890 
70 48 
6428 
75" 4 > 
8044 
76 58 
8015 
70-78 
6998 
6929 

69 39 
66 28 
57 45 

70 11 
6246 



69 32 



The assets of the eight Canadian companies doing fire business amounted, at the 
end of the year, to $4,284,057, covering a total amount of insurance of all kinds of 
$331,888,141, being at the rate of $12.91 for every $1,000 of insurance in force ; they 



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REPORT OF THE SUPERINTEND KNT. XV 

have also a reserve of subscribed capital not called up, amounting to $2,290,108, 
making a total security of $19.66 for every $1,000 insured. The liabilities of the 
same companies amounted to $2,718,215, mado up as follows : — 

Unsettled Josses $ 367,604 

Unearned premiums 2,147,423 

Sundry 203,188 y 

Total $2,718,215 



Tho unearned premiums are here taken to bo the pro ratd proportions of the 
gross premiums for the time unexpired in the cases of Fire and Inland Marine in- 
surance, and the whole premium in the case of a current Ocean risk. The surplus 
of assets over liabilities available for tho protection of policy-holders, independent 
of the reserve of subscribed capital not called up, amounts to $1,565,842. 

The capital stock of these companies, paid up or in course of payment, amounts 
to $1,641,287, and the result shows au excess of liabilities, including this capital, 
over assets to the amount of $75,445. At the end of 1891 there was an impairment 
of $11,913. 

The following table gives the condition at the end of 1892 of all the Canadian 
stock companies in reference to their surplus or impairment of paid-up capital. 
Fire and Marino Insurance Companies, 31st December, 1892. 



I Capital paid 
Subscribed I up or in 
Capital. | course 

i of Collection. 



Surplus over 

all Liabilities, 

including 

Called-up 

Capital. 



-!__ 



British America. . 

•Citizens' 

Eastern 

Mercantile Fire. . 

Quebec 

Royal Canadian. 
Western 



Totals . 



$ cts. ! 

500,000 00 | 
806,395 00 I 

1,000,000 00 | 
200,000 00 
225,000 00 
500,000 00 

1,200,000 00 



4,431,395 00 



$ cts. 

500,000 00 

1151,367 00 

250,000 00 i 

40,000 00 

t 99,920 00 

Norte. 
600,000 00 



cts. 



Impairment 

of 
Called-up 
Capital. 



I 



21,206 82 
40,131 92 
40,656 75 
41,478 34 



$ cts. 

108,656 30 

135,687 46 

52,467 68 



1,641,287 00 



153,337 61 



Reserve 

of Su\scribed 

Capital 

not 

Called-up, 



* cts. 

None. 
655,028 00 
750,000 00 
160,000 00 
125,080 00 



600,000 00 



2,290,108 00 



* This is on the whole business, including life. + As reduced by Act of Parliament. 

A comparison of this with the corresponding table for the previous year shows 
the following results : — 

Gain or improvement during 1892 : 

Citizens', $3,081.98. 
Loss or deterioration during 1892: 

British America, $21,266.47; Bastorn, $5,260.19; Royal Canadian, $6,559.21 ; 
London Mutual, $10,189.60; Quebec, $10,853.11; Western, $33,682.61. 

Including the whole business of the mixed companies, as well outside as within 
the Dominion, it appears that the Canadian companies have received during the 
year 1892 a total cash income of $3,780,955.33 (exclusive of $100,000 received on 
account of capital stock), which is made up as follows : — 



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XVI 



DEPARTMENT OF FINANCE — INSURANCE BRANCH. 



/ 


1892. 


The same in 
1891. 


The same in 
1890. 


The same in 
1889. 


Premiums 

Interest and dividends 


3 cts. 

3,579,893 51 

117,770 41 

83,291 41 


$ cts. 

3,586,851 72 

134,421 14 

12,208 29 


$ cts. 

3,603,151 65 

135,874 52 

14,287 16 


$ cts. 

3,539,640 73 
119,929 14 


Sundry 


12,420 02 


Total 


3,780,955 33 


3,733,481 15 


3,753,313 33 


3,671,989 89 





In the same way the cash expenditure daring 1892 has been $4,024,188.54, 
distributed into : — 



. 


I 

1892. 1 

i 


The same in 
1891. 


The same in 
1890. 


The same in 
1889. 


Iiosses paid ... 


■ ■ ' - — I 

$ cts. . 

2,454,821 80 i 

1,440,994 51 | 

128,372 23 , 


$ cts. 

2,588,894 16 

1,198,806 97 

145,256 90 


9 cts. 

2,254,866 61 

1,114,472 16 

135,689 92 


$ cts. 
2,417,046 62 


General expenses 

Dividends to stockholders 


1,064,557 52 
126,759 42 






Total... 


4,024,188 54 j 

I 


3,932,958 03 


3,505,028 69 


3,608,363 56 







Thus, it appears for every $100 of income there has been spent $106.43, namely, 
for losses, $64.93 ; for general expenses, $38.11 ; and for dividends to stockholders, 
$3.39. Hence, aUo, for overy $100 of premiums received there has been paid out 
$68. 57 for losses, $40.25 for expenses, and $3.53 for dividends to stockholders. 

The total cash income received by the Canadian companies during the 18 years 
from 1875 to 1892 inclusive, is $62,269,187.01. The respective amounts for the 
several years and the distribution thereof under proper headings are shown in the 
subjoinod table : — 

Canadian Companies — Income foMlie Years 1875 to 1892. 







Interest 


1 







Premiums. 


and 
Dividends. 


Sundry. i 


Total. 




$ cts. 


$ cts. 


8 cts. 


$ cts, 


1875 


3,273,692 53 


1M,950 19 


3,356 10 


3,467,998 82 


1876 


4,125,722 37 


244,001 25 


7,186 OS 


4,376,909 70 


1877 •.. 


3,512,673 47 


218,770 38 


6,236 04 


3,737,079 89 


1878 


2,826,356 58 


217.133 43 


15,750 26 


3,059,240 27 


1879 


2,863,826 01 


185,247 30 


10,196 03 


3,059,269 34 


1880 


3,208,038 89 


179,533 29 


19,916 66 


3,407,488 84 


1881 -. 


3,131,925 97 


369,392 14 


30,702 06 


3,332,020 17 


1882 


3,007,132 65 


153,878 46 


27,386 28 


3,188,397 39 


1883 


3,005,945 52 


132,126 05 


30,438 85 


3,108,510 42 


1884 


2,990,995 28 


117,679 52 


16,286 55 


3,124,961 35 


1885 


3,089,381 09 


107,151 57 


16,044 77 


3,212,577 43 


1886 


3,090,851 40 


113,394 35 


25,828 55 


3,230,074 30 


1887 


3,346,968 91 


114,522 46 


18,398 62 


3,479,889 99 


1888 


3,348,045 64 


119,815 97 


16,567 79 


3,484,429 40 


1889 


3,539,640 73 


119,929 14 


12,420 02 


3,071,989 89 


1890 


3,603,151 05 


135,874 52 


14,287 16 


3,753,313 33 


1891 


3,586,851 72 


134,421 14 


12,208 29 


3,733,481 15 


1892 


3,579,893 51 
59,131,093 92 


117,770 41 


83,291 41 


3,780,955 33 


Total 


2,771,59] 57 


367,101 52 


62,269,187 01 



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REPORT OP THE SUPERINTENDENT. 



XV11 



The expenditure of the 'same companies during the same period of 18 years 
amounted in the aggregate to the sum of $63,496,037.20, thus showing an exoess of 
expenditure over income to the amount of $1,226,850.19. The amounts expended 
in the respective years and their distribution under proper headings, are given in 
the following table : — ' 

Expenditure for the Years 1875 to 1892. 



Year. 



1875 1,094,885 

1876 2,746,563 

1877 3,555,283 

1878 1,891,130 

1879 1,966,854 

1880 2,236,943 

1881 2,898,045 

1882 2,294,212 

1883 2,291,429 

1884 2,165,708 

1885 1,985,256 

1886 -. | 2,128,942 

1887 , 2,397,382 

1888 * .... 2,355,960 

18£9 ' 2,417,046 



Losses Paid. 



1890. 
1891. 
1892. 



Total . 



2,254,866 
2,588,894 
2,454,821 



cts. 

99 

00 

21 

71 

83 

54 

45, 

90 

02 

63 

67 

82 

03 | 

53 

62 

61 

16 

80 



General 
Expenses. 



Dividends 

to 

Shareholders. 



Total 
Expenditure. 



e Excess 

of Income over 

Expenditure. 

rfThe Reverse. 



$ cts. 

985,926 28 

1,342,268 96 i 

1,234,552 83 

1,026,354 51 ' 

938,436 79 

889,409 73 

901,679 10 

917,526 03 

925,970 41 

871,037 06 

917,879 59 

926,289 50 i 

1,031,696 74 1 

1,009,167 74 , 

1,061,557 52 

1,114,472 16 

1,198,806 97 

1,440,994 51 



XT I 



42,324,228 52 i 18,737,036 43 



S cts. | 

159,608 88 ' 
213,655 04 
125,928 21 ' 
146, 163 83 I 
159,253 74 
164,650 50 
145,137 85 
110,813 47 
110,480 00 
102,675 50 
99,896 73 
114,809 02 
128,422 74 
122,198 27 
126,759 42 
135,(589 92 
145,256 90 
128,372 23 



2,434,772 25 



$ cts. 

2,840,421 15 
4,302,487 00 
4,915,764 25 
3,063,649 05 
3,064,545 36 
3,291,003 77 
3,944,862 40 
3,322,552 40 
^,327,879 43 
3,139,421 19 
3,003,032 99 
3,170,051 34 
3,552,501 51 
3,487,326 54 
3,608,363 56 
3,505,028 69 
3,932,958 03 
4,024,188 54 



$, cts. 

e 627,577 67 

e 74,422 70 

d 1,178,084 36 

d 

d 

t 

d 

d 

d 

d 



4,408 78 
5,276 02 
116,485 07 
612,842 23 
134,155 01 
159,369 01 

14,459 84 
209,544 44 

60,022 96 

72,611 52 
2,897 14 

63,626 33 
248,284 64 
199,476 88 
243,23& 21 



63,496,037 20 



d 1,226,850 19 



INLAND NAVIGATION AND OCEAN MARINE INSURANCE, 1892. 

Including the Canadian inland marine business of the British and Foreign 
Marino, the London Assurance and the iEtna, and the whole inland marine and 
ocean business done by the two Canadian compauies, the following are the results 
of the year: — 

Inland Navigation. 

Premiums received, $393,586 ; losses incurred, $278,974, of which were paid 
$262,288, leaving a balance of $16,686 of them still unsettled. There was also paid 
during the year the sum of $23,322 on account of losses incurred in previous years, 
making the total payments during the year, on account of losses, $285,610, while 
the total outstanding or unsettled losses at the end of the year were $16,686. 

Ocean Marine. 

Premiums received, $242,256; losses incurred, $147,120, of which wore paid 
$127,515, leaving a balance of $19,605 of them still unsettled. There was also paid 
daring the year $17,115 on account of losses incurred in previous years, making the 
total payments during the year, on account of losses, $144,630, while the total out- 
standing or unsettled losses at the end of the year were $24,704. 

The inland marine business has been, on the whole, less favourable than the 
year previous. The losses incurred in the inland marine business amounted to 
70*88 per cent of the premiums received, while last year the rate was 51*08. 



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XViii DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

In the ocean business the rate of losses i near fed to premiums' received was 
60*73, while last year it was 13617. The bulk of the ocean business is transacted 
by companies which are not required to be licensed, and do not report to this 
department. 

An abstract of the inland marine business will be found on page lxxviii, and 
details of this and the ocean business for the individual companies on pages Ixxvi 
and lxxvi i. 



LIFE INSURANCE, 1892. 

This business of life insurance has been transacted by 31 active companies, of 
which 12 are Canadian, 9 British and 10 American. 

The list of life companies differs from that of the previous year by the addition 
of one Canadian company, Tho Great West, whose head office is at Winnipeg, 
Manitoba, to which a license was issued on the 18th day of July, 1892. 

The Queen, of Liverpool, having ceased doing business in Canada, made 
application in November, 1892, for the release of its life deposit, and its outstanding 
Canadian policies having been either surrendered or transferred to and reinsured by 
the Royal, and the requirements of tho Insurance Act having been fully complied 
with, said deposit was released on tho l&th day of April, 1893. 

INSURANCES EFFECTED DURING THE YEAR. 

The total amount of policies in Canada taken during theyoar 1892 was $44,620,- 
013, which is greater than the amount taken in 1891 by $6,753,726. The Canadian ' 
companies show an increase in 1892 of $3,681,232; the American companies have 
an increase of $2,394,527, while in 1891 they had a <ieoro:ise of $576,341, and the 
British companies have an insrease of $677,967, whilst in 1891 they had a decrease 
of $443,726, the total increase in 1892 being $6,753,726, as above stated. 

The respective amounts effected are : — 

Canadian companies * $25,585,534 

British do 3,625,213 

American do ... 15,409,266 

So that the amount taken by native companies exceeds that taken by the British 
and American together by over $6,500,000. Tho details of the increase or decrease 
among the respective companies are given on pages xciv and xcvii. 

Life Insurance in Force in 1892. 

The total amount of insurance in force at the close of the statements was 
$279,110,265, which shows the large increase of $17,635,036 over that of the 
previous year, being distributed as follows : — 

Total in force. Increase. 

Canadian companies $154,709,077 $11,340,260 

British do 33.692,706 1,281,769 

American do 90,708,482 5,010,007 

Total $279,110 ; 265 $17,635,036 



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REPORT OF THE SUPERINTENDENT. 



XIX 



The following tables will enable the progress of the total business to be traced 
during the past eighteen years, both as regards the amounts of insurances effected 
from year to year, and the total amounts in force : — 

Amounts of Insurances effected during the respective Years, 1875-1892. 



Year. 



1875. . . 
1876. . 
1877... 
1878. . 
1870. . 

1880. . 

1881. . 
1882.. 
1883. . . 
1884... 
1885... 
1886. . . 
1887. . . 
1888... 
1889... 
1890. . 
1811. . . 
1892. . . 



Totali..^. 



Canadian 


British. 


American 


Total 


Companies. 


Companies 


Companies. 


$ 


8 


$ 




5,077,601 


1,689,833 


8,306,824 


15,074,258 


5,405,966 


1,683,357 


6,740,804 


13,890,127 


5,724,048 


2,142,702 


5,667,317 


13,534,667 


5,508,556 


2,789,201 


3,871,998 


12,169,755 


6,112,706 


I 1,877,918 


3,363,(500 


11,354,224 


7,547,876 


2,302,011 


4,057,000 


13,M6,887 


11,158.479 


2,536,120 


. 3,923,412 


17,618,011 


11,855,545 


2,833,250 


5,423,9(50 


20,112,755 


11,883,317 


3,278,008 


6,411,635 


21,572,960 


12,920,265 


3,167,910 


7,323,737 


23,417,912 


14.881,695 


3,950,647 


8,332,646 


27,164,988 


19,289,094 


4,054,279 


11,827,375 


35,171,348 


23.505,549 


3,067,040 


11,435,721 


38,008,310 


24,870,259 


3,985,787 


12,364,483 


41,220,529 


*2G, 438,358 


3.399,313 


14,719,266 


44,556,937 


23,541,404 


3,390,972 


13,591,080 


40,523,456 


21,904,302 


.2,947,246 


13,014,739 


37,866,287 


25,585,534 


3,625,213 


15,409,266 


44,620,013 


263,283,754 


52,734,433 


155,784,863 


471,789,424 



y Including 20 months' business of Canada Life. 

Amounts of Insurance in Force, 1875-1892. 



Year. 



Canadian 
Companies. 



; 



1875. . 

1876.. 

1877. 

1878. 

1879. 

1880.. 

1881. 

1882.. 

1883.. 

1884. 

1SS5.. 

1886.. 

1887.. 

1S88.. 

1«S9.- 

1*90.. 

1891.. 

1892.. 



21,957,296 

24,649,284 

26,870,224 

28,656,556 

33,246,543 

37,838,518 

46,041,591 

53,855,051 

59,213,609 

66,519,958 

74,591,139 

88,181,859 

101,796,754 

114,034,279 

125,125,692 

135,218,990 

143,368,817 

154,709,077 



British ' 

Companies, j 



American 
Companies. 



8 

19,455,607 
18,873,173 
19,349,204 
20,078,533 
19,410.829 
19,789,803 
20,983,092 
22,329,368 
23,511,712 
24,317,172 
25,930,272 
27,225,007 
28,163,329 
30,003,210 
30,488,618 
31,613,730 
32,407,937 
33,692,706 



43,596,361 
40,728,461 
39,468,475 
36,016,848 
33,616,330 
33,643,745 
36,266,249 
38,857,629 
41,471,554 
44,616,596 
49,440,735 
55,908,230 
61,734.187 
67,724,094 
76,348,392 
81,599,847 
85,698,475 
90,708,482 



Total. 



85,009,204 

84,250,918 

85,687,903 

84,751,937 

86,273,702 

91,272,126 

103,290,932 

115,042,048 

124,196,875 

135,453,726 

149,962,146 

171,315,696 

191,694,270 

211,761,583 

231,963,702 

248,424,567 

261,475,229 

279,110,265 



Amount of Insurance terminated in 1892. 
The amount of insurance terminated in natural course, namely, by death, 
maturity or expiry, was $5,331,983, which is greater by $432,918 than the corres- 



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XX 



DEPARTMENT OF FINANCE — INSURANCE BRANCH. 



ponding amount in the previous year ; and tho amount terminated by surrender 
and lapse was $22,598,994, being greater than that in the previous year by $2,968,826. 

Eelatively to the amounts at risk the amounts so terminated are somewhat 
greater than those of the previous year, giving for every $1,000 of current risk 
$18.79 terminated in natural course and $79.63 by surrender and lapse, making a 
total of $98.42. In the year 1891 t these rates were $18.33 and $73.42, respectively, 
making a total of $91.75, thus giving a difference of $6.67 for each $1,000 at risk. 

The following table exhibits tho rates for the last five yearn : — 
Terminated out of oach $1,000 current risk. 



Naturally. 



Surrender and Lapse. 



I 1888. 1889. 

Canadian companies ' 810 46' $15 50 

British do 15 04 1 16 91 

American do . , . 17 95 17 30 



1890. 

$14 65 
21 90 
19 01 



1891 
$15 08 
22 \1 



1892. 1888. I 1889. | 1890 
$16 00; $93 01, $96 94 $87 46 



20 85 64 76 



22 26 22 70 85 37 



69 68| 60 68 
72 97, 81 48 



1891. ' 1892. 

i 
$75 85 $77 04 

55 46 50 81 

76 15! 94 52 



The total termination amounts to about 62*50 per cent of the amount of new 
policies. The actual amounts of termination were distributed as follows : — 



Natu rally. 

Canadian companies .'.. ...$2,498,041 

British do 713,639 

American do 2,120,303 



By Surrender 
and Lapse. 

$12,031,370 
1,738,820 
8,828,804 



Total... $5,331,983 $22,598,994 



The details of the individual companies will be fouad on page xcviii. 

Canadian Policies in Force. 

Omitting the industrial policies of the North American, London Life aud Metro- 
politan, the following table gives the number of Canadian policies in force at the 
date of the statements : — 







Amount. 




— 


Number. 


Average 

Amount of a 

Policy. 


Canadian companies 


91,503 
16,469 
47,999 


$ 

153,194,673 
33,692,706 
89,502,368 


* 

1,674 


Bi itish do 

American do .... 


2,046 
1,865 


Totals 


155,971 


276,389,747 


1,772 



The average amount of new policies is, for Canadian Companies, $1,660; for 
British Companies, $2,085; and for American, $1,911. Tho corresponding amounts 
last year were $1,624, $1,857 and $1,970. 



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REPORT OF THE SUPERINTENDENT. 



XXI 



Death Eate. 

In tho calculation of the death rate this year, as in previous years, the mean 
number of policies in force and the number of policies terminated by death during 
tho year have been admitted as approximations to the mean number of lives exposed 
to risk and the number of deaths during tho year respectively, in the case of those 
companies which have not reported these items. It is believed that the results 
arrived at represent the actual mortality among insured lives in Canada as accur- 
ately as can be gathered from tho returns of the companies. 





Number of 


1892. 


1891. 


1890. ; 


1889. 


1888. 


1887. 1 1886. 


1885. 

















i 






Lives 

Exposed 

to 


Number 

of 
Deaths. 


Death 
Kate. 


Death, 
Rate. 


Death 
Rate. 


Death 
Rate. 


Death 
Rate. 


Death , Death 
Rate. Rate. 


Death 
Rate. 




Risk. 






! 


! 




8 614 


i 




Active companies... 


159,048 


1,698 


10-676 


10 178 


10148 


8846 


a 317 8132 


9646 


Assessment compan- 
ies 


22,021, 


1 

197 8 946 9345 

i 


i 
8 475 


8250 


9727 


i 
9120, 7*997 


6 207 


Retired companies . . 


4,564 


121I26-512 20-109 


21 417, 


16 840 


23489 
9495 


17943 15-817 


16 041 


Total 


185,633 


2,01610 860 

1 ! 


10 335 


10340 


9-088 


8 955 8*656 


10011 



PREMIUM-INCOME DURING THE RESPECTIVE YEARS, 1875-1892. 



Year. 


Canadian 
Companies. 


British 
Companies. 


American 
Companies. 


Total. 


1875. . 


$ 

707,256 

768,543 

770,319 

' 827,098 

919,345 

1,039,341 

1,291,026 

1.562,085 

1,652,543 

1,869,100 

2,092,986 

2,379,238 

2,825,119 

3,166,883 

•4,459,595 

3,921,137 

4,258,926 

4,729,940 


$ 

623,296 
597,155 
577,364 
586,044 
565,875 
579,729 
613,595 
674,362 
707,4(58 
744,227 
803,980 
827,848 
890,332 
928,667 
979,847 
1,022,302 
1,030,479 
1,088,816 


3 

1,551,835 
1,437,612 
1,299,724 
1,197,535 
1,121,537 
1,102,058 
1,190,068 
1,308,158 
1,414,738 
1,518,991 
1,723,012 
1,988,634 
2,285,954 
2,466,298 
2,785,403 
3,060,652 
3,128,297 
3,251,598 


9 

2,882,387 


1S76 


2,803,310 
2,647,407 
2,610,677 
2,606,757 
2,721,128 
3,094,689 
3,544.605 


1877 

1878. 

JSI9 

18*1. - 

1881 

1882. 


18© 

1884 

1885... .. 


3,774,749 . 

4,132,318 

4,619,978 


1886. 


5,195,720 


1887 


6,001,405 


1888. 

1889 

1890. 

1891 

1892. 


6,561,848 
♦8,224,845 
8,004,151 
8,417,700 
9,070,354 


Totals 


39,240,480 


13,841,446 


33,832,104 


86,914,030 



* Including 20 months' business of Canada Life. 
4— C 



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XXii DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

The total amount paid to policy-holders during 1892 was as follows: — 

Death claims (including bonus additions) $3,233,144 38 

Matured endowments do 838,814 88 

Annuitants 52,668 83 

Paid for surrendered policies 509,020 78 

Dividends to policy-holders 818,502 44 

■ 

Total $5,452,151 31 

The distribution of payments among the different companies will be found on 
page cvi. 

Hence, for every $100 premiums received, there has been paid to policy-holders 
$58.33, leaving $41.67 to be carried to reserve, expense and profits. 

Including the business done outside of Canada by the Canadian Companies, the 
following table shows the total premium-income and payments to policy-holders of 
all companies doing life insurance business in Canada for the last fourteen years, and 
also the ratio of payments to policy-holders to premiums received. 



Year. 



1879.. 

1880.. 
1881.. 
1882.. 
1883.. 
1884.. 
1885.. 
1886.. 
1887.. 
1888.. 
1889.. 
1890.. 
1891.. 
1892.. 



Totals.. 



"" 




_. - _ 


Premium- 
Income. 


Payments 

to 

Policy holders. 


Rate of 
Payments to 

Policy- 
holders per 

cent of 
Premiums. 


8 


* 




2,606,756 


1,301,480 


49 93 


2,691,128 


1,389,986 


5165 


3,094,689 


1,879,240 


6072 


3,544,603 


1,946,444 


54 91 


3,861,179 


2,201,152 


5701 


4,195,726 


2,073,395 


4942 


4,684,409 


2,544,101 


54 31 


5,298,596 


2,851,981 


5383 


6,105,474 


3,235,205 


5299 


6,655,762 


3,440,729 


5170 


8,336,167 


3,942,590 


47 30 


8,131,852 


4,445,668 


54 67 


I 8,667,609 


4,911,485 


5666 


9,347,131 


5,452,151 


5833 


1 

' 77,221,081 


41,615,607 


53 89 



Collecting the rosulls for the fourteen years, 1879 to 181)2, wo find that the 
total payments to policy-holders amount to 53*81) per cent of the premium-income 
during the said period. 



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REPORT OF THE SUPERFNTENDENT. 



XXlll 



The subjoined table shows the total premium-income and payments to policy- 
holders, daring the last fourteen years, of the life insurance companies which have 
ceased to do new business in Canada, and also the ratio of payments to policy-holders 
to premiums received. 



Year. 



I Premium- | 
l Income. 



1879.. 
1880... 
1881... 
1882... 

\m... 

1884... 
1885... 
1886... 
1887... 
1888. . 
1889 .. 
1SO0.. 
1891... 
1892. . . 



8 
490,688 
447,910 
441,393 
412,436 
371,570 
343,179 
321,566 
278,108 
262,445 
237,559 
216,730 
191,101 
181,905 
175,340 



Payments 

to 

Policy-holders. 


Rate of 

Payments to 

Policy-holders 

per cent 
of Premiums. 


$ 




396,053 


8071 


317,531 


7089 


489,370 


110 87 


376,811 


9136 


150,678 


12129 


454,906 


132 56 


395,851 


123- 10 


342,049 


122 99 



423,747 
395,466 
337,829 
363,519 
319,246 
329,963 



16146 
166 47 
155 88 
190 22 
175 51 
188-18 



Total. 



4,371,030 



5,393,019 



123 36 



Collecting the results for the fourteen years, 1879 to 1892, it will been seen that 
the total payments lo policy-holders made by said retired companies oxceeds by 
23*36 per cent, the total premium-income during the same period. 

Canadian Companies. 
The assets and liabilities, income and expenditure, of the Canadian Life Com- 
panies will be found exhibited in the statements under their respective headings at 
pages xcix, c and civ, cv. In the calculation of the reinsurance reserve, the 
Institute of Actuaries' H. M. Table of Mortality with 4£ per cent interest is 
employed. 

From the tables on pages civ and cv, ?eferred to, it will bo seen that the 
Canadian Companies have received an income of $6,180,726.75, drawn from the 
following sources : — 

Premiums and annuity salos ... $5,006,717 35 

Interest and dividends 1,138,158 84 

Sundry 3">,850 56 



Total $6,180,726 75 



•J-cJ 



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2TX1V DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

And they expended 83,705,551.21 under the following item* : — 

Paid to policy-holders and annuitants $2,438,040 22 

General expenses 1,210,501 29 

Dividends to stockholders 57,009 70 

Total $3,705,551 21 

Hence out of every 8100 of income they have expended in payment to policy- 
holders $39.45 ; in general expenses, $19.59, and in dividends to stockholders, $0.92, 
leaving $40.04 to be carried to reserve. 

By reference to tho table at pagexcix it will be seen that the total assets at the 
31st December, 1692, of the Canadian Life Companies (including $1,522,289.31 out- 
standing and deferred premiums, interest and rents duo and accrued which have not 
as yet gone into income) amount to $25,993,440.04, an increase over the correspond- 
ing amount at the end of the year 1878 of $21,403,038.25. 

The amount of risks in force has increased from $30,541,867, in 1878, to 
$161,577,539, a gain of $131,035,672, and the reserves have increased fropi 
$3,477,185, in 1878, to $22,228,020, in 1892 an increase of $18,750,835. 

The following table gives tho premium and other income of the Canadian Con- 
panics during the past fourteon j'oars, and also the payments to policy-holders, for 
general expenses and for dividends to stockholders during the same period : — 



Year. 



IPremiuma 



1879 

1880 .... 

1881 

1882 

1883 .... 

1884 

1885 

1886 

1887 

1888 

1889* 

1890 

1891 

1892 



Interest 
and other 
Receipt*. 



Total 
Income. 



i 



holders. I ^P* 08 * 9 - 



$ 

919,344 
! 1,039,342 
1,291,027 
I 1,562,085 
I 1,738,973 
. 1,932,506 
.' 2,157,338 
.' 2,482,113 
.j 2,922,526 

. 3,260,800 

i 

4,570,918 

j 4,236,746 

.] 4,508,834 

., 5,006,717 



Totals I 37,629,269 



$!$:$' 

280,375^ 1,199,719 331,118 

325,581 1,364,923 412,230 

389,819 1,680,846 683,595 

387,218, 1,949,303, 719,656 

477,346! 2,216,319 777,355 

499,0741 2,431,58o| 671,448 

585,066! 2,742,4041 934,760 

672,547J 3,154,660' 1,316,175 

768,480 3,691,006 1,405,686 

777,266 4,038,066 1,416,516 

1,234,146 5,805,064 2,001,150 

985,915 5,222,6611 2,081,236 

1,097,710 5.606,544' 2,036,71l! 

1,174,010 6,180,727 2,438,040| 

9,654,553 47,283,822 17,225,666 ! 



Dividends Total 
to Stock- Ex- 
holders, penditure. 



$ 

247,885 

272,689 

350,973 

396,398 

459,329 

508,573| 

527,37li 

659,938, 

i 

736,846 

874,657 

1,091,027 

1,006,698 

1,093,215 

1,210,501 

9,436,100 



• j 

33,351 
32,31l! 
76,122, 
66,459! 
40,856 
48,82ll 
36,769 

109,450 
70,202, 
52,651 ' 
65,411 

121,005 
55,465 
57,010 

865,883 



3 

612,354 * 
717,230 
1,110,690 
1,182,513 
1,277,540 
1,228,842 
1,498,890 
2,085,363 
2,212,734 
2,343,824 
3,157,588 
3,208,939 
3,185,391 
3,705,551 
27,527,649 



•Including 20 months' business of the Canada Life. 

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REPORT OF THE SUPERINTENDENT. XXV 

VALUATION OP LIFE POLICIES IN CANADA. 

The following are the results of. the valuation of the policies of a number of the 
licensed Life Insurance Companies completed since the issue of the last report. 

The valuation is made on the basis of the H. M. Mortality Table of the Insti- 
tute of Actuaries, at 4£ per cent interest, the pure premiums only being valued : — 

DOMINtON LIFE. 

Valuation as at 31st December, 1892. 

Number of policies, 840 ; amount, $1,120,896.00 ; value, $46,436.98. Amount of 
policies reinsured, $5,000; value, $25.05. Total net amount in force, $1,115,896.00 ; 
value, $46,411.93. 

GERMANIA LIFE. 

Valuation as at 31st December, 1892. 

Number of policies, 296; amount, $791,833.00; value, $66,380.09. Number of 
bonuses, 14; amount, $1,495.41 ; value, $829.82. Total amount in force, $793,328.41 ; 
value, $67,209.91. 

LONDON AND LANCASHIRE LIFE. 

Valuation as at 31st December, 1892. 

Policies issued previous to 3\st March, 1878. — Number, .'564 ; amount, $490,289.00 ; 
value, $181,524.81. Number of bonus additions, 163; amount, $34,378.72; value, 
$17,65ti.48. Amount of policies reinsured, $28,000.00 ; value, $10,849.83. Total net 
amount in force, $496,667.72; total value, $188,331.46. 

Policies issued subsequent to 31s* March, 1878. — Number, 3,716 ; amount, $6,613,- 
094.66; value, $976,117.50. Number of bonus additions, 436 ; amount, $43,088.29 ; 
value, 815,751.53. Amount of policies roinsured, $178,407.38; value, $36,702.97. 
Total net amount in force, $6,477,775.57 ; total value, $955,166.0»». Total number of 
policies in force, 4,080; amount, $6,974,443.29; total value. $1,143,497.52. 

LONDON ASSURANCE OORPOEATION. 

Valuation as at 31st December, 1892. 

Numberof policies, 6; amount, $22,386.67; value, $6,957.95. Number of bonuses, 
5; amount, $4,249.08; value, $2,871.56. Total amount in force, $26,635.75 ; total 
value, $9,829.51. 

LONDON LIFE. 

Valuation as at 3lst December, 1892. 

Number of general policies, 1,579; amount, $1,527,599.99 ; value, $227,636.42. 
Numberof industrial policies, 15,786; amount, $l,49S.071.00; value, $47,064.22. 
Total number of policies, 17 ,3(>5; total amount, $3,025,670.99; total value, $274 700.64. 



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XXvi DEPARTMENT OP FINANCE — INSURANCE BRANCH. 

METROPOLITAN LIFE. 

Valuation as at 31st December, 1892. 
Number of genoral policies, 98; amount, $182,180.00; value, $48,454.93. Num- 
ber of industrial policies, 12,571; amount, $1,206,114.00; value, $34,502.00. Total 
number of policies, 12,(569; total amount, $1,388,294.00; total valuo, $82,956.93. 

NATIONAL LIFE. 

( 

Valuation as at 3lst December, 1892. 

Number of policies, 164; amount, $165,578.00; return premiums, $3,060.00 ; 
total amount of $168,638.00; value $75,605.05. 

STANDARD LIFE. 

Valuation as at 15th November, 1892. 

Policies issued previous to the 3\st March, 1878. — Number, 1,309; amount, 
$2,372 176.46 ; value, $942,938.66. Number of bonuses, 1,018, amount, $545,736.06 ; 
value, $318,175.07. Number of annuities, 1 ; value, $1,091.22. Amount of policies re- 
insured, $12,562.50; valuo, $6,777. 5!>. Total net amount in force, $2,904,350.02; net 
valuo, $1,257,427.36. 

Policies issued subsequent to 3\st March, 1878.— Number, 4751; amount, 
$10,353,905.12; value, $1,648,090.6*. Number of bonuses, 2,391; amount, $468,494- 
10; value, $207,252.03. Number of annuities*, 8; value, $33,038.68. Amount of 
policies reinsured, $138,662.50; value, $14,829.81. Total not amount in force, 
$10,683,736.72; net value, $1,873,551.58. 

Total number of policies in force, 6,060; amount, $13,588,086.74; number of 
annuities, 9; total value, $3,130,'.*78.04. 

STAR LIFE. 

Valuation as at 31st December, 1892. 
Number of policies, 257; amount, $610,222.90; value, $117,840.95. Number of 
bonuses, 146; amount, $47,852.71 ; number of premium reductions, 37; total value 
of bonuses, $27,829.40. Total amount in force, $658,075.61; total value, $145,670.39. 

UNITED STATES LIFE. 

Valuation as at 3lst December, 1892. 
Number of policies, 1,019; amount, $2,297,435.00; value, $115 357.53; value of 
term additions, $122.00; amount of reversionary additions $264; value, $150.96. 
Total value, $115,630.49. 

ASSESSMENT LIFE INSURANCE, 1892. 

The business of life insurance upon tho assessment plan has been transacted by 
e\gbt companies, of which five are Canadian and three American. Of the Canadian 
companies, one, the Homo Life Association, was licensed during the year. 

The total amount of policies taken during tho year 1892 was $10,740,475, which 
is less by $49,650 than the amount taken in 1891, which latter was greater by 
$2,842,625 than the amount taken in 1890. Tho net amount in force at the end of 
the year was $43,905,575, which shows an increase of $1,552,672 over that of the 
previous year. 



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REPORT OF THE SUPERINTENDENT. XXVli 

The amount of insurance terminated by death was $410,835, and by surrender 
and lapse, $9,360,743, giving for every $1,000 of current risk $8.61 terminated by 
death and $196.15 by surrender and lapse. 

The total terminations amount to 90*98 per cent of the amount of new policies. 
The amounts of termination were distributed as follows : — 

By Death. *£E£- 

Canadian companies $140,260 $ 4,931,268 

American do 270,575 4,429,475 

Total $410,835 $ 9,360,743 



The details of the individual companies will be found on page cviii. 
The total amount paid by members for membership fees, annual dues, assessments, 
&c, was. $582,804, and the amount paid for death claims was $413,50?. 

The following tables givo the details of the assets and liabilities, income and 
expenditure of the Canadian companies, and of the income and expenditure of the 
American companies : — 

ASSESSMENT LIFE COMPANIES. 

CANADIAN COMPANIES— ASSETS-1892. 



Companies. 



Commercial Travellers* 
Mutual Benefit Society. 

Home 

Mutual Relief Society 

Provincial Provident In- 
stitution 





Mortgages 


Real 


on 


Estate. 


Real 




Estate. 


$ cts. 


$ cts. 


None. 


None. 


None. 


None. 


None. 


3,403 00 



Cash 



Agents' 



nn T n , I Balances Due 

aST ' and BUls frora 
;« B.„i, a I Receiv- | Members, 
in Banks. , aWe 



Totals. 



$ cts. 

8,616 58 
1,826 83 
3,164 08 



^ 8,394 80 1 14,700 00| 45,373 12 



8,394 80 18,103 00. 1 58,980 61 



Other 
Assets. 



$ cts. | $ cts. I 8 cts. 



Total 
Assets. 



$ cts. 



None. None. I 10,957 30 1 19,573 88 

None. ' 37 40 42 051 1,906 28 

None, i None. | 150 00 6,717 08 



1,146 05 12,065 02, 3,176 98 



1,146 05 12,102 42, 14,326 33 



84,855 97 



113,053 21 



CANADIAN COMPANIES-LIABILITIES— 1892. 



Companies. 



' Claims 
| Unsettled. 



I $ cts. 
Commercial Travellers' Mutual Bene- 
fit Society ! 4,000 00 

Home i None. 

Mutual Relief Society.*. | 6,060 00 

Provincial Provident Institution j 14,500 00 

Totals I 24,560 00 



Due on 
account of 

General 
Expenses. 



$ cts. 

None. 
13 00 
507 08 
None. 



520 08 



Other 
Liabilities. 



j Total 

Liability 
' (not includ- 
ing reserve.) 



Surplus 

of Assets over 

Liabilities. 



I 



$ cts. I 

None. | 
260 43 

None. 
610 07 



870 50 



$ cts. I 

4.000 00 ' 
273 43 I 
6,567 08 
15,110 07 



25,950 58 



* cts. 

15,573 88 

1,632 85 

150 00 

69,745 90 



87,102 63 



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XXVili DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

ASSESSMENT LIFE COMPANIES— Continued. 

INCOME. 



Companies. 



I I I Medical ( 

1 Member- ' Annual | Kx- ' Aasesa- 
Hhip Fees. ; Dues, &c. ■ amines' > ments. 
I Fees. 



Canadian. 

Canadian Mutual Life 

Commercial Travellers' Mutual Bene- 
fit Society 

Home 

Mutual Relief Society 

Provincial Provident Institution 

Totals 

American. 

Covenant Mutual 

Mutual Reserve Fund 

Massachusetts Benefit Association . . 

Totals 



I 



$ cts. 

4,929 00 

504 00 

219 00 

2,032 00 

12,952 38 



$ cts. 

4,430 68 

3,320 00 
Nona 
5,430 25 
20,708 44 



20,636 38! 33,889 37 



$ cts. 



$ cts. 



1,078 00| 62,418 37 

i 

394 00 15,993 05 

None. I 1,830 31 

306 00 45,788 96 

3,354 00 59,029 24 



5,132 00 185,059 93 



Interest i tv 4 *«i 
and other I T Jotal 
Receipts. Inoome - 



$ cts. j 

1,212 35| 

I 

719 24 

17 00! 

756 60 

2,714 08 1 



I 



5,419 27 



14,352 00 
28,272 75 



None. None. ! 39,934 40 1 1,745 65 

38,212 25 4,317 00.146,009 43' 3,26134 

5,589 40 None, j 61,400 93 873 56 



42,624 75 43,801 65 4,317 00> 247,344 70t 5,880 55 



S cts. 

74,068 40 

20,930 29 

2,066 31 

54,313 81 

98,758 14 



250,136 95 



56,032 05 

220,072 77 

67,863 89 

343,968 71 



EXPENDITURE. 



Companies. 



Canadian. 



Totals. 



American. 



Paid 

for Death 

Losses 

and 

Disability 

Claims. 



I r Excess 

General : Total !°i Iu ^f tl ?l er 
Ex^nses. Expenditure; Expenditure. 

d The Reverse. 



I 



I 



% cts. ' 



Canadian Mutual Life 86,725 00 

Commercial Travellers' Mutual Benefit Society 13,700 00 

Home None. 

Mutual Relief Society 58,726 50 

Provincial Provident Institution 50,200 00 



$ cts. 

16,998 01 
3,913 57 
5,800 98 

10,561 78 . 

39,342 31 ' 



8 cts. 

103,723 01 

17,613 57 

5,800 98 

69,288 28 

89,542 31 



$ cts. 

29,654 61 
3,316 72 
3,734 67 

14,974 47 
9,215 83 



209,351 50 76,616 65 ! 285,968 15 d 35,831 20 



T 



Covenant Mutual ! 24,500 00 ' 23,998 25 I 48,498 25 e 

Mutual Reserve Fund i 133,650 00 65,083 29 | 198,733 29 r 



Massachusetts Benefit Association 



46,000 00 



Totals | 204,150 00 



16,642 42 (52,642 42 c 



-I- 



105,723 96 309,873 96 



7,533 80 

21,339 48 

5,221 47 



c 34,094 75 



During the your 18!*2, two Canadian assessment companies ceased to do business, 
viz. : — The Canadian Mutual Life Association, wh>se head office was at the city of 
Toronto, Ontario, and the Mutual Belief Society of Nova Scotia, whose head office 
was at Yarmouth, Nova Scotia. Those companies entered into an arrangement 
with the Massachusetts Benefit Association, whereby the latter company received 
and took over the assets of the former and agreed to assume responsibility for their 
liabilities, either by issuing new policies or guaranteeing the old once. The agree- 

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REPORT OF THE SUPERINTENDENT. XXIX 

raents were carried out between the companies. Neither of the retiring companies 
had any deposit with the Receiver-Gone ral, and this department having no rights 
or official duties regarding such agreements, took no part therein. 

The Canadian Order of Woodmen of the World, an association incorporated by 
Act of the Parliament of Canada, assented to 1st April, 1893, and whose head office 
is at London, Ontario, was on the 29th day of June, 1893, registered as an assess- 
ment company under the Insurance Act. 

In Marc'i, 1893, the Canada Provident Association of Montreal, applied to be 
registered as an assessment company, but such registration was refused for the 
reasons appearing in the following correspondence: — 

1 Office of the Superintendent' of Insurance. 

Ottawa, 16th March, 1893. 

The Deputy Minister of Justice. 

Dear Sir, — I inclose herewith certified copy of the Articles of Association of the " Canada 
Provident Association," a company which is now applying for registration as an assessment life 
insurance company under the provisions of the Insurance Act, and which purports to be formed for 
the purpose, among others, " of collecting by means of assessments or dues from its members a fund 
by means of which, and from which, a sum or sums may be paid to the widow or orphans, or 
beneficiaries, of any deceased member, or any member who may become totally or partially 
disabled. " 

It will be observed that the association is formed under the provisions of Article 3096 and 
following of the Revised Statutes of the province of Quebec, which make provision for the formation 
of associations "with a view, by means of voluntary contributions, subscriptions, gifts or donations 
from the members of the society, or from the public, of making provision for those afflicted by 
sickness, accidents, reverses of fortune and death, the widows and orphans or the lawful repre- 
sentatives of deceased members, for the rescue and reformation of fallen women and children, and 
for the purpose of attaining any analogous object." 

The above quotation is taken from Article 3096, and I am of the opinion that it does not 
authorize the formation of a society for the purpose of transacting the .business of assessment 
insurance such as the Canada Provident makes provision for. As I read Article 3096, the 
associations formed thereunder must be supported voluntarily, and such associations are not 
authorized to enter into a contract to grant certain benefits as a consideration for certain payments 
to be made by the insured or his beneficiary. 

1. Do you agree with the opinion expressed above ? 

2. If not, are you of the opinion that the society is such, so far as its legal status is concerned, 
as may be properly registered as an assessment company under the provisions of the assessment 
clauses of the Insurance Act. An early reply would greatly oblige. 

Your obedient servant, 

(Signed) W. FITZGERALD, 

Sufi, of Insurance. 

Department of Justice, 

Ottawa, 27th March, 1893. 

Sir, — Referring to your letter «»f the 16th instant, inclosing copy of the Articles of Association 
under Article 3096 of the Revised Statutes of Quebec of the Canada Provident Association for opinion 
as to whether the company is entitled to be registered as an Assessment Life Insurance Company 
tinder the provisions of " The Insurance Act," I have the honour to say that I agree with you that 
inasmuch as the article in question only contemplates voluntary contributions and does not authorize 
the entering into a contract to grant certain benefits as a consideration for certain payments, the 
Company is not entitled to register as an assessment company under the assessment clauses of the 
Insurance Act. I return your inclosures. 

I am, sir, 

Your obedient servant, 
(Signed,) A. POWER, 

for D. M. J. 
The Superintendent of Insurance, 

Department of Finance, 
Ottawa. 



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XXX DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

ACCIDENT AND GUARANTEE INSURANCE IN CANADA, 1892. 

The business of accident insuranoo was transacted by nine companies, viz.: 5 
Canadian (2 of which combined it with life insurance), 1 American (also combined 
with life), and 3 British, one of which combined it with guarantee business, and 1 
with plate glass insurance. 

This list of companies does not differ from that of the previous year. 

The total accident premiums received in Canada were $317,643, insuring an 
amount of $59,036,779, and the sum of $152,485 was paid tor claims, with $53,351 
claims not settled. 

An abstract will be found on page exi. 

The guarantee business was conducted by three companies, one Canadian, one 
British and one American. 

This list does not differ from that of the year 1891. 

The premiums received were $06,384, guaranteeing an amount of $11,212,941, 
and the net amount paid for claims was $13,046, with $28,100 claims not settled. 

The Guarantee Company of North America transacts business outside of the 
Dominion, which is not included in the above. 



PLATE GLASS INSURANCE IN CANADA, 1892. 

The business of plate glass insurance was transacted by three incorporated com- » 
panies, viz.: 1 Canadian, 1 British (combined with accident), and 1 American, and 
by one firm of individual underwriters, having their chief place of business in the 
city of Montreal. 

Tho Dominion Plato Glass Insurance Company and Messrs. Mongenais, Boivin 
& Co., the individual underwriters above referred to, having adopted tho system of 
insurance by replacement, instead of paying the value of the glass broken, and their 
contracts not slating any amounts as insured thereby, their returns do not show the 
amount of insurance effected during the year, nor tho amount in force at the end 
thereof. The premiums received during the year in Canada for plate glass insurance 
were $39,466, being greater than the amount recoiyod the previous year by $780, 
and the total losses incurred were $15,678, being $1,628 in excess of the amount 
incurred in 1891. An abstract will bo found at page cxii. 

On the 26th day of July, 1893, a licenso was issued to tho Steam Boiler and 
Plate Glass Insurance Company of Canada, whose head office is at London, Ont., 
for the transaction of Steam Boiler and Plate Glass Insurance. 



CEEDIT INDEMNITY. 

The branch of insurance technically known by the above name, was commenced 
in Canada in January of the present year, when a licenso was issued to the Canadian 
and European Export Credit System Company of Newark, New Jersey, to carry on, 
in the Dominion, the business of insuring wholesale doalers, jobbers and manufac- 
turers against excess losses by reason of bad debts. Four or five companies are 
engaged in this class of business in the United States, but that above mentioned was 
the first to apply for admission to Canada. Its progress will be watchod with 
interest. 



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REPORT >OF THE SUPERINTENDENT. XXXI 

BURGLARY INSUKANCE. 

This brauch of. insurance, which is transacted to a considerable extent in Great 
Britain, has been recently introduced into Canada. On the 14th June, 1893, a license 
was issued to the Dominion Burglary Guarantee Company (Limited), whose head 
office is at the city of Montreal, to transact the business of guaranteeing against loss 
or damage by reason of burglary or housebreaking, and of guaranteeing against loss 
of jewellery, bullion and other movable property deposited with it for safe-keeping. 
The company was incorporated by an Act of the Parliament of Canada, assented to 
on the 1st April, 1893. 



At the present time there are ninotyf-our (94) companies under the supervision 

of this office. The nature of the business transacted by them is as follows: — 

Number of companies doing life insurance , 40 

do do do assessment plan.... 7 x 

do do fire insurance 37 

do do inland marino insurance ^8 

do do ocean marino do 2 

do do accident do 6 

do do guarantee do 3 

do do steam boiler do 2 

do do plato glass do 5 

do do credit indemnity do 1 

do do burglary guarantee do 1 



Tho deposits for the protection of policy-holders, held by the Honourable the 
Keceiver-General, in trust for those companies, at 18th July, 1893, amounted to 
$22,101,445.70 in securities as follows: — 

Canadastock $ 2,687,038 73 

Canada debentures 642,556 66 

Canada Provincial debentures 2,854,265 73 

United States bonds 1,495,000 00 

Swedish Government bonds ...., 58,400 00 

British Government securities 971,676 96 

British Colonial securities 482,773 35 

Bank deposit receipts 110,000 00 

Montreal Harbour bonds 500,000 00 

Municipal securities 10,492,289 0t 

Bank stocks 25,420 00 

Loan companies' debentures 131,600 00 

Canadian Pacific and Canada Central Railway bonds 1,650,425 24 

Total 8 22,101,445 70 

There was also deposited with Canadian trustees, in conformity with the Act, 
$3,800,697, making a total of $25,902,142.70 for the protection of policy-holders, being 
an increase since last report of $1,909,269.25. 



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XXXli DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

The distribution of the total sura of $25,902,142.70 held, as above mentioned, 
for the protection of policy-holders anions; the different classes, is as follows: — 

Fire and inland marine $ 5,770,445 02 

Life 19,559,263 74 

Accident, guarantee, plate glass, &c 572,435 94 

$ 25,902,142 70 



The total amount of premiums received for all forms of insurance was 
$16,759,700, of which $6,361,365 was received by Canadian companies, and $10,398,335 
by British and American. The following summary shows the distribution of these 
premiums to the various classes: — 

Premiums, 1892. 

Fire $ 6,512,327 

Inland Marine 33.294 

Ocean 112,494 

Life 9,070,354 

Life (assessment) 582,804 

Accident 317,643 

Guarantee 66,384 

Plato Glass 39,46(i 

Steam Boiler 24,934 

Total $16,759,700 



Or, dividing them according to the nationalities of the companies : — 

Premiums, 1892. 





Canadian 
Companies. 


British 
Companies. 


American 




Companies. 


Fire 


8 

1,052,041 

11,518 

112,494 

4,729,940 

244,717 

129,447 

32,462 

23,812 

24,934 

6,361,365 


4,455,474 
16,610 


8 

1,004,812 


Inland Marine . . . * 


5,166 


Ocean 




Life 

Life (assessment) 


1,088,816 

80,613 

30,810 

5,988 


3,251,598 
338,087 


Accident 

Guarantee 

Plate Glass 

Steam Boiler 


107,583 
3,112 
9,666 








Total 


5,678,311 


4,720,024 



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REPORT OP THE SUPERINTENDENT. XXXlii 

ttULES AND REGULATIONS REGARDING THE ACCEPTANCE OP SECU- 
RITIES OFFERED FOR DEPOSIT BY INSURANCE COM- 
PANIES, ISSUE OF LICENSES, ETC., ETC. 

The following extracts from Orders in Council, Minutes of the Treasury Board, 
&c, (all of which have been previously published), are here collected for convenience 
of reference : 

Municipal Securities. — "The Board recommend that municipal bonds, when accepted, may be 
taken at 90 per cent, ami that Montreal Harbour bonds be placed on the same footing." (O.C., 1st 
April, 1876.) 

Particular* of Securitit* offered for Dtponit. — " All applications for the acceptance of bonds or 
debentures, whether as original deposits or in exchange for securities which the applicants desire to 
have released, must be accompanied by a statement giving full particulars of the securities offered 
for acceptance under the following headings, viz. : — 

"Bate, date of maturity, place of payment of principal, rate of interest, how payable, i.e. y 
yearly or half-yearly, date and place of payment of interest, market value at times of application 
for acceptance, and, if not quoted in the market, the price at which purchased by the company and 
date of such purchase. 

" Also, as regards municipalities whose bonds or debentures are offered : 

" The population, assessed value, rate of taxation, assets, total debenture indebtedness, and all 
other liabilities, Income and expenditure for the last fiscal year, and any other details in the posses- 
sion of the company which would be of assistance in determining the value of the securities offered 
for acceptance. 

" The Board desire to be in possession of all possible information in relation to such securities in 
order that they may be in a position to give the matter proper consideration." (T. B. t Nov. 9, 1888.) 

Railicay Debenture*. — " The Board are of opinion that they cannot accept as a deposit, the bonds 
of any railway company, unless guaranteed directly or indirectly by the Canadian Government.'* 
(T. B.,Oct. 27, 1890.) 

Loan Companies Bond*. — "The Board had under consideration a memorandum from the .Superin- 
tendent of Insurance with reference to the application of the Land Mortgage Companies' Association 
of the Province of Ontario to have the debentures of loan companies accepted by the Government as 
deposits on behalf of insurance companies, in which he reports that the said Association is composed 
of incorporated loan companies or societies authorized to lend money on real estate in the Province 
of Ontario, and all such companies or societies are eligible for membership upon payment of certain fees ; 
that the loan companies which compose the said Association may be divided into the following 
classes : — 

I. Companies incorporated under the provisions of the Statute of the Province of Canada, 9 
Victoria, cap. 90, consolidated in- chapter 53 of the Consolidated Statutes of Upper Canada, now 
included in chapter 169 of the last Revised Statutes of Ontario (1887), and commonly known as the 
Building Societies* Act ; 

II. Companies incorporated under the " Canada Joint Stock Companies' Act, 1877," now known 
as the " Companies' Act," being chapter 119 of the Revised Statutes of Canada (1886). 

III. Companies incorporated under special Acts of the Legislature of the Province of Canada or 
of the Parliament of the Dominion of Canada. 

IY. Companies incorporated under the "Ontario Joint Stock Companies' Letters Patent Act, 
1874," being chapter 150 of the former ami chapter 157 of the last Revised Statutes of Ontario. 

V. Companies incorporated under the English Companies' Act, and licensed to transact business 
in Canada under 37 Victoria, chap. 49, being chapter 125 of the Revised Statutes of Canada. 

The Board, after careful consideration of the report of the Superintendent of Insurance as to the 
class of securities upon which the above companies can invest their funds, ami as to the borrowing 

r>wers of the said companies, and having regard to the fact that the companies mentioned in Classes 
and II, viz., those incorporated under the " Building Societies' Act " and the "Companies' Act, 
possess only limited power of borrowing and are restricted to investments that are usually considered 
the safest that can be had, direct that the debentures and delienture stock of such companies, belong- 
ing to these two classes, as meet the requirements hereinafter set forth, may be accepted as deposits on 
behalf of insurance companies, at such rate as the Treasury Board may see fit to place upon them, 
not, however, to exceed the value usually placed upon municipal securities, viz., 90 per cent of the 
par value thereof when the market value is at least equal to such par value, or 90 per cent of the 
market value, when the market value is less than the par value. 
The requirements above referred to are as follows : — 

1. The company shall have kept strictly within the powers in relation to borrowing and invest- 
ment conferred upon it by the Act under which it is incorporated. 

2. It shall have a paid-up capital of at least $500,000. 

3. It shall have been in successful operation as a loan company for not less than ten years. 

4. It shall have a reserve fund amounting to not le»s than 25 per cent of its paid-up capital. 

5. Its stock shall have a market value of not less than 25 per cent premium. 

The Board also direct that the debentures of such companies, coming under Class III. abov e 
mentioned, viz., those incorporated under private Acts, as fulfil the foregoing requirements, and 
whose borrowing powers and powers of investment are not greater than those of companies coming 
under Classes I. and II. , may be also accepted upon the terms above indicated. 



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XXXiv DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

The Board also direct that every application on behalf of an insurance company for the accep- 
tance of any snch debenture or debenture stock as herein above provided, shall form the subject of a 
special reference to the Treasury Board, and that the company shall supply ail necessary particulars 
(properly verified if required) for the information of the Board. (T. B., 19th June, 1889.) 

No AtMV ranee of acceptance of BomU by the Treasury Board. — 4t The superintendent asks the 
decision of the Board upon the following question, viz. ;****♦ 
* Will the Board inform a company desirous of purchasing certain bonds or securities whether they 
will be accepted or not as a deposit in the event of their being purchased ? ' 

" The Board, after deliberation, are of opinion that they cannot give any assurance to auy 
company that securities will or will not be accepted in the event of their being purchased.'* (T. B., 
1st April, 1889.) 

De/wit Receipts. — •* The Board direct that deposit receipts be not accepted in any case as a 
deposit on behalf of any company." (T. B., 25th January, 1888.) 

Bank Stock, &c. — ** Bank stock or shares in any private company will not be accepted." (0. C, 
17th January, 1876.) 

Combination of Life with other Cla**e# of Insurance Biotine**. — "The Board having had under 
consideration an application from some English companies for a license to transact accident insurance 
business in combination with life insurance, and having considered the report of the Superintendent 
of Insurance thereupon, are of opinion that it would not be in the interests of the public, or consis- 
tent with the policy indicated by the Parliament of the Dominion, by refusing charters of this nature, 
that the business of life insurance should be combined with any other class of insurance, and would 
recommend to Council : (1) That in future no license be issued to a company which desire* to transact 
business of life insurance for the purpose of transacting any other business of insurance in combination 
therewith. (2) That this minute is not intended to interfere with the transaction of combined busi- 
ness by companies already in operation and licensed under the Act of 1868, and that in the cases of 
combined life and accident companies licensed under that statute no special deposit on account of 
their accident business need be made." (O.C., 24th July, 1882.) 

Charter Poirern of Foreign Companies — " The Board recommend that it should be laid down as 
a general rule that a license will not be granted to a foreign company whose corporate powers are in 
excess of the powers which would be granted to a company by the Dominion Parliament." (O.C. 
21 st January, 1891.) 

" Provided, however, that any company, regardless of its charter powers, which has a paid-up 
capital of at least goOO.OOO, wholly unimpaired, and in addition thereto holds over and above all 
liabilities estimated according to the government standard, a rest or surplus fund equal to at least 
30 per cent of such paid up capital and the market value of whose stock is at a premium of at least 
30 per cent, and which has carried on successfully for a period of at least ten years the business for 
which a license is sought, being only one class of insurance, or, if more than one, then such classes 
as may be properly combined, shall be deemed eligible for and entitled to such license upon agreeing^ 
to keep and maintain assets in Canada, as defined by the Insurance Act, over and above and in excess 
of the amount required by sections 9 and 10 thereof (said sections to be deemed applicable to such 
company) to such an amount as the Governor in Council, on the report of the Treasury Board, shall 
fix and determine, not, however, exceeding the sum of $200 t (KX) ; such excess to be looked upon as 
the company's Canadian capital and such agreement to be deemed a condition precedent to the issue 
of such license. 

And provided further, that the application for a license of any company not in all respects 
complying with the requirements of the foregoing proviso, yet not materially falling short in any of 
the essential particulars thereof, may form the subject of a special reference to be dealt with on its 
merits. (O.C, 30th January, 1892.) 

Reyistered Bond* an Deposits. — When registered Inmds are received as deposits they must be 
registered in the name of the Receiver-General. Bonds registered in the name of a company, accom- 
panied by an assignment in favour of the Receiver-General, will not be accepted. When registered 
bonds are intended to be used as a deposit they should, before being forwarded to this department, 
be registered thus, in the name of "The Receiver-General of Canada in trust for (yirinfj the name of 
the company), being part of the deposit made by the company with said Receiver-General in 
pursuance of the Statutes of Canada in that behalf." (T. B., 13th July, 1891.) 



SECTION 43 OF THE INSURANCE ACT. 

The opinion-, correspondence, &c, published under the above heading in last 
report having proved exceedingly useful, the superintendent believing it in tho interest 
of those concerned, that all such be continuously kept in a form readilj* available, 
republishes the same beb»w : 

The Oddfellows' Fratebnal Accident Association . 

Towards the close of the year 1888, the attention of the superintendent waa directed to the fact 
that the Oddfellows' Accident Association had appointed agents who were canvassing for business 
in Canada, claiming that as the Association insured Oddfellows only, it was, by virtue of the 43rd 



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REPORT OF THE SUPERINTENDENT. XXXV 

section of the Insurance Act, entitled to do bo without making any deposit with the Receiver-General 
and without a license. The question involved being an important one, the whole of the papers and 
correspondence relating thereto were submitted to the Department of Justice for an opinion. The 
facts in relation to the matter, and the questions submitted, will sufficiently appear from the opinion 
of the Deputy Minister of Justice, which is as follow^ : — 

" Ottawa, 8th January, 1889. 

"Sir, — I have the honour to acknowledge the receipt of your letter of the 27th nit., inclosing 
certain papers and requesting to be informed whether the Oddfellows' Fraternal Accident Association 
of America comes within the exceptions contained in section 43 of the Insurance Act. 

"The company was incorporated on the 12th April, 1887, by the State of Massachusetts, for the 
purpose of ' rendering temporary aid and assistance to Oddfellows holding certificates of member- 
ship in this Association, in case of temporary or permanent disability resulting from accident, and 
rendering pecuniary aid and assistance to the widows, orphans, families and dependents of deceased 
Oddfellows, meml>ers of said Association, in case of death of said member from accident, or to their 
heirs and assigns. ' 

" The company is therefore * * * * an accident association, and on that ground is not 
within the exception. It seeiWs to be contended on behalf of the company that as the company pur- 
ports to insure the lives of members against accident it does the business of life insurance, and does 
not lose the benefit of the exception by doing other insurance business as well. I am to say, however, 
that this contention seems to involve too literal a construction of section 43. The companies which 
claim the benefit of those exceptions should be engaged in the business of life insurance only, and not 
in the business of accident and life, or fire and life or marine and life. Any other construction would 
seem to be open to the danger of an evasion of the Act by companies really engaged in other lines of 
insurance, and, therefore, engaging in assurance as a business while getting the benefit of the excep- 
tion mentioned in section 43, by holding themselves out as engaged in life insurance as well. 

" The question arises also : Is this an association for the purpose of life insurance formed in con- 
nection ' with a society or organization * * * * for fraternal, benevolent, industrial or religious 
purposes' and 'exclusively from its members,' and which ' insures the lives of such members exclu- 
sively * ? It does not appear to be so. So far as I cau gather from the papers, seven gentlemen 
voluntarily formed themselves into an insurance company, and assumed the name above indicated, to 
do business only with Oddfellows. The charter was obtained without reference to, and without the 
authority of, and without 'Connection with any Oddfellows' association, but with a view to obtaining 
the patronage of as many Oddfellows as possible. Rut this intention on their part, and anything they 
have done in connection with the institution, does not justify the allegations that the Association was 
formed ' in connection with ' the order of Oddfellows. 

"As I understand/the statute, Parliament intended that any of the organizations mentioned in 
the section referred to might insure the lives of their members, or, if they thought fit, might organ- 
ize an association of them for life insurance purposes ; but it did not contemplate any schemes such 
as this, by which a company is formed to obtain patronage of members of a fraternal society. The 
papers show that it was not until after the incorporation of the company that the consent of the 
Grand Lodge of Massachusetts was obtained for the use of the Oddfellows' name. It further appears 
that certain lodges of Oddfellows have passed resolutions approving of this Association. This, how- 
ever, does not snow that the company was formed in connection with the Order of Oddfellows. 

" I have the honour to be, sir, 

" Your obedient servant, 

" ROBT. SEDGEWIOK, 

" Deputy Minister of Justice. 
"W. Fitzgerald, Esq., 

" Superintendent of Insurance." 

The effect of the foregoing opinion was at once communicated to the Association, who were also 
informed, in answer to inquiries made by them, that a license was considered necessary in the case of 
all companies coining under section 49 of the Insurance Act (the last-named section being the one 
properly applicable to such Association) ; that upon the Association making a deposit with the 
Receiver-General of from §20,000 to $40,000, in the discretion of the Treasury Board, and in other 
respects complying with the provisions of the Insurance Act, a license might be granted to the Asso- 
ciation, but that a deposit was indispensable. No deposit has been made by, and no license has been 
issued to, said Association. 

■> 
Covenant Mutual Benefit Association ok Illinois. 

The following copy of an opinion, given by the Deputy Minister of Justice, in relation to the 
above Association, sufficiently explains itself : — 

"Ottawa, 15th January, 1889. 

"Sir, — I have the honour to acknowledge the receipt of your letter of the 3rd inst., having 
reference to the claim of the Covenant Mutual Benefit Association of Illinois to be exempted from 
the provisions of the Insurance Act, and I have the honour, by direction, to state as follows : — 

** I have first to call your attention to my letter to you of the 8th January, in respect to the 
Oddfellows' Accident Insurance Association of America, and to state that the views therein expressed 

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XXXVI DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

apply with equal, if not greater, force to the present case. The papers in this case, and particularly 
the by-laws of the Association, show conclusively that this Association is not one for fraternal, bene- 
volent, industrial or religious purposes, but is a life insurance company, pure and simple. 

" Neither is it an Association for the purpose of life assurance in connection with any such Asso- 
ciation or organization. * * * 

" In answer to your further question, I have to state thut the Association, as at present organized 
is not entitled under any circumstances to transact business in Canada without being duly licensed 
under Canadian law. 

44 Your oliedient servant, 

"ROBT. SEDUEWICK, 

11 Deputy Minitttr of Ju*tic+. 
44 To the Superintendent of Insurance." 

It ifl only necessary to add thut the Covenant Mutual Benefit Association, 
having made the necessary deposit and in other respects complied with the pro- 
visions of the Insurance Act, a license was, on the 20th day of September, 1890, 
issued to said association. 



44 North- western Masonic Aid Association, 

*' Office of the Superintendent of Insurance, 

"Ottawa, 29th July, 1890. 

" E. C. Davies, Esq., 

44 lit North-western Masonic Aid Association. 

44 Dear Sir, — I am favoured with your letter of 28th, inclosing a copy of the by-laws of the 
above Association. I presume you are doing business in Canada upon the assumption that section 
43 of the Insurance Act is applicable to your Association. This, however, is not the case. That 
section is applicable to an association of persons 4 for fraternal, benevolent, religious or industrial 
purposes, among which purposes is the insurance of the lives of the members thereof arluxivtly : or 
to any association for the purposes of life insurance, formed in connection with such society or 
organization and exclusively from its members, and which insures the lives of such members exdu- 
ttiwly. ' 

44 Section I., Article IV. , of your by-laws is as follows: — 4 Applicants for membership in this. 
Association must be master masons in good standing not more than fifty-five years of age ; Provided 
that the Board of Trustees may in it* discretion admit to membership such men (not master masons) 
between the ages of twenty-one and forty-five, inclusive, as shall be recommended in each case by at 
least two master masons, members of the association. * 

44 This latter proviso clearly deprives your Association of the benefit of the provisions of section 
43 above quoted. You are not aided by the fact that, as you say, your membership in Canada is 
confined to masons. Your by -law 8 providing that non-masons may be accepted is conclusive upon 
the point. Moreover, I believe that the Association accepts men who are not masons, in the United 
States. There is nothing in the articles or certificate of incorporation which limits your membership 
to masons, and the by-laws, as already pointed out, show that persons other than masons may be 
accepted. The opinion of Mr. Sedgewick. Deputy -Minister of Justice, given in relation to the Odd- 
fellows' Fraternal Accident Association (copy inclosed) seems to be applicable to this Association. I 
refer to the last two clauses of the opinion. 

44 It follows, therefore, that the association cannot legally do business in Canada. I have, there- 
fore, the honour to request that no further business be transacted in the Dominion, until you have 
complied with the provisions of the Insurance Act, by making the necessary deposit with the 
Receiver -General and in other respects fulfilling the requirements of the said Act. 

44 1 have the honour to be, sir, 

44 Your obedient servant, 

44 \Y. FITZGERALD." 

44 Department of Justice, 

44 Ottawa, 7th January, 1891. 
Re North-western Masonic Aid Association of Chicago. 

* • * * # * * 

The Minister of Justice is of opinion that the view which you have taken, as expressed in your 
letter of 29th July last to Mr. Davies, namely that the Association cannot legally, for the reasons 
stated in that letter, having regard to the provisions of the Insurance Act, transact business in 
Canada without making the usual deposit and in other respects complying with the terms of the Act 
and procuring a lice.ise thereunder, is correct. 

* * # * * « * 

44 Your obedient servant, 

44 ROBT. SEDGKWICK, 

44 D. AT. J."' 
The Superintendent of Insurance. 



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REPORT OF THE SUPERINTENDENT. XXXV1L 

Preferred Masonic Mutual Accident Association of America. 

Department of Justice, 

Ottawa, 19th May, 1891.. 

Sir, — I have the honour to acknowledge the receipt of your letter of the 13th instant, relating to* 
the above Association, and in reply thereto 1 am, by direction , to state that this Association, so far 
as the question of its exemption from the provisions of the Insurance Act is concerned, appears to be 
in precisely the same position as the Oddfellows' Fraternal Accident Association of America, and I 
need only refer you to my letter of the 8th of January, 1889, relating to the latter Association, in 
order to acquaint you with the opinion of the Minister of Justice upon tlie question submitted in 
your letter. 

The Association, to which the circular enclosed by you refers, Lb excluded from the exemption 
provided for by section 43 of the Act, not only because it does an Accident Insurance business, but 
because, for the reasons explained in my letter above referred to, it cannot be held to have been 
"formed in connection with " a society or organization for fraternal, benevolent, industrial or reli- 
gious purposes. 

I return the circular. 

I have the honour to be, &c. , 

ROBT. SEDGEWICK, 

D. M. J. 
The Superintendent of Insurance, Ottawa. 



United States Masonic Benevolent Association of Council Bluffs, Iowa. 

" Department of Justice, 

"Ottawa, 19th May, 1891. 

" Sir, — I have the honour to return herewith the by-laws and articles of incorporation of this 
Association which were inclosed with your letter' of the 16th instant, and I am, by direction, to state 
that any claim on the part of this Association to lie exempted under section 43 of the Insurance Act, 
from the provisions of the Act which require any company or person to procure a license before 
transacting any business of insurance in Canada, would seem to be open to the objection pointed o'ut 
in my letter of the 8th January, 1889, relating to the Oddfellows' Fraternal Accident Association of 
America. 

*'The remarks in that letter with reference to the question whether the latter Association had 
been formed in connection with a society or organization for fraternal, &c, purposes, seem to be 
equally applicable to the circumstances of this association. 

" I have the honour to be, sir,. 

% ' * Your obedient servant,' 

'ROBT. 8EDGEWICK, 

" Deputy -Mininttr of Justice* 
"The Superintendent of Insurance, Ottawa." 



From the foregoing it will be seen that the several associations above named, 
and all others of a like character, cannot legally transact business in Canada with- 
out first complying in all respects with the provisions of the Insurance Aot, and- 
procuring the necessary license or certificate of registration thereunder. As already 
mentioned, the Covenant Mutual has procured such license. The Oddfellows' Acci- 
dent Insurance Association, the North-western Masonic Aid Association, the 
Preferred Masonic Mutual Accident Association, and the United States Masonic 
Benevolent Association of Council Bluffs, Iowa, have not applied for the issue of 
licenses to them. 



LEGAL DECISIONS. 

Under this heading in the report for 1891, was given the judgment of the 
Queen's Bench Divisional Court in the case of McGeachie vs. the North American 
Life, reversing the judgment of the trial judge, Mr. Justice Street, and giving judg 
raent in favour of the plaintiff in the action for the amount claimed. From thi 

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XXXV1U DEPARTMENT OP FINANCE — INSURANCE BRANCH. 

judgment the company appealed to the Court of Appeal for Ontario. The following 
statement of the case in appeal and the judgments therein are taken from 20 
Appeal JReports (Ontario) 187 : — 

McOeachie v. North American Life As*uranre Co. 

The plaintiff was the widow of one Robert McOeachie, whose life the defendants had insured in 
her favour for $1,000, by a policy dated the 6th of December, 1889, and she sued for the amount of 
the policy. The policy was issued in consideration of a premium of $31. 10 for which McGeachie gave 
his note, which was three times renewed, interest being charged and compounded at each renewal, 
and the third renewal matured on the 16th of October, 1890, and was unpaid at the time of the 
death of McOeachie on the 6th of November, 1890. The defence was that by reason of the non- 
payment of the premium note the policy had become void under a condition to that effect therein 
contained, and the plaintiff contended as against this that the company had elected to keep the 
policy in force notwithstanding the non-payment of the note. The policy in question and the cor- 
respondence relating to the matter are set out in full in the report of the case in the court below. 

The action was tried at St. Catharines on the 5th of May, 1891, before Street, J., who dismissed 
it, but his judgment was reversed by the Queen's Bench Division. 

The defendants appealed, and the appeal was argued before Hagarty, C.J.O., Burton, Osier and 
MacLennan, JJ.A., on the 1st and 2nd of December, 1892. 

J. K. Kerr, Q.C., for the appellants ; Aylesworth, Q.C.. and Marquis for the respondent. 

Judgment was delivered on January 17th, 1893, Hagarty, C.J.O. : — 

I feel very great difficulty in accepting the view of the Divisional Court that when the life 
dropped there was an existing contract of assurance with the defendaut company. 

Conceding for the argument that so loug as they continued accepting promissory notes instead 
of cash for premiums, ana so long as any one of such notes was current when the life dropped, the 
insurance was in force, I cannot see how this judgment can be upheld. 

Down to the 16th of October, the time of the la9t renewal, we may treat the contract as existing. 
The dishonour of that last note left nothing remaining. The company could at once have cancelled 
the risk, leaving still a liability on the assured to pay the notes on the terms of the policy. 

' I do not thmk the company were bound expressly to notify the assured that they elected to do 
this. It became incumbent on the plaintiff to establish with reasonable clearness some act of the 
company to revive the lost liability. 

The case then wholly depends on their action in writing the letter of November 5. 

41 We fully expected to have heard from you ere this with a remittance for your note, which 
matured on the 16th tilt. Kindly give the matter your immediate attention." 

This letter never reached the hands of the person to whom it was addressed, he having died on 
the morning after it was written. # 

Now, apart from the argument that the letter may be read as merely pressing for payment of 
the note, even if the risk had been cancelled, the difficulty remains that nothing whatever was done 
upon it. 

If the assured had acted on and paid the note and the defendants had accepted the payment, 
I do not doubt but that the plaintiff could recover on a finding that such payment was made and 
accepted as completion of payment of the year's premium and not merely to pay the note on a can- 
celled risk . 

But nothing was done, the dropping of the life was the only answer. 

I should be of the same opinion even if the letter had gone much further and had specially re- 
ferred to the insurance and had urged on McOeachie to pay up and thus save the insurance, the 
saving could only be by paying up. 

If the manager had met him on the 5th of November and asked him why he did not attend to 
the matter and pay up the overdue note, and the other promised to do so next day, and died, say 
from an accident two hours afterwards, what would be the position ? 

If he paid he saved his insurance, if he did not, but died without paying, I think, with submis- 
sion, that the contract is at an end. Or if when this letter was written McOeachie was actually 
dead without the writer's knowledge, would it amount to the creation of a new contract ? 

The dishonour of a note given for the premium makes the insurance null and void. 

Of course the company may waive the forfeiture, and so long as they continue renewing or 
accepting paper the contract may continue. 

But the utmost evidence of waiver here amounts at most, even if the letter had reached its 
address, to a suggestion to do Something which might, if done, preserve the contract. 

Nothing was done, and I cannot believe that the law we are bound to administer can warrant a 
recovery. 

I do not consider that the one month's grace allowed on payment of premiums can affect this 
question. 

The whole seems based on the necessity of the first year's payment in advance being made to 
validate the policy. The parties agree to take paper for this and to renew such paper more than 
once. The month's grace can hardly apply to each note so given. 

I am aware of the great latitude allowed by some of the numerous American authorities in the 
dealings between assurers and insured. 



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REPORT OF THE SUPERINTENDENT. XXXIX 

In a much contested case of Moffat i\ Reliance Mutual Assurance Society, 45 U. C. R. 561, 1 had 
occasion to examine these authorities, and then expressed an opinion that they seemed to me to go far 
beyond the limits of English law. I still retain that opinion. 

I think my learned brother Street's judgment should be restored and the appeal allowed. 

Burton, J. A. : — 

I quite agree with the court below that upon the giving of the note and the issuing of the policy 
the risk attached, and that the policy was voidable only at the election of the company ; but I am 
unable to adopt the reasoning that under the facts of this case there was any waiver of the forfeiture, 
or any act done by the company from which the assured had the right to infer that they considered 
the policy still in force, unless we come to the conclusion that such an agreement as that adopted by 
this company, conferring the right to enforce payment of the note notwithstanding the lapse of the 
policy, is invalid. I do not think the argument is advanced by showing that the company were 
demanding payment of the note or even suing upon it. They might do one or the other without any 
intention of reviving the policy consistently with the terms of such au agreement. I think it very 
probable that if the demand had been responded to by payment during the life of the assured, the 
company would have waived the forfeiture, but they were under no legal or equitable obligation to 
do so. 

I am free to confess that such an agreement as that in question to my mind seems somewhat 
inequitable, inasmuch as the company might thereby be receiving a full year's premium, whilst the 
assured had only been covered for six months ; but people are at liberty to make their own contracts, 
and it is no part of our duty to make contracts for them, but merely to interpret those which they 
have made. 

The arrangement whereby the assured elects to pay the annual premiums in semi-annual or 
quarterly instalments, appears to ine to be much more equitable. The policy is then liable to for- 
feiture for non-payment on the day appointed for payment, but the assured loses only the proportion 
of the premium during which he has been insured. 

The case of 01 instead vs. Farmers' Mutual Fire Insurance Co., 50 Mich. 200, referred to in the 
judgment below, is, I think, very distinguishable. In that case there was no provision that non- 
payment should work a forfeiture, but that the secretary might, in a certain event, suspend or cancel 
the policy subject to an appeal. It was a fire policy, and so far from the policy having been can- 
celled up to the occurrence of the fire, the secretary had just previously notified the insured that his 
insurance was liable to suspension, unless prompt attention was given to the notice. 

No act was necessary in this case on the part of th% company to show that they had elected to 
avail themselves of the forfeiture — that was provided for in the conditions — and the letter relied on 
is in no way inconsistent with their having so elected. It would have been very different had they 
advised the assured that unless the payment was at once made the policy would be avoided. 

I am of opinion, therefore, that the judgment of Mr. Justice Street was correct and should be 
restored. 

Osler, J. A. : -•- 

The judgment ot Street, J., dismissing the action, ought, in my opinion, to be restored. 1 think 
the non-payment of the last renewal note for the balance of the first premium, raised a clear defence 
under the provision in >the application and policy, that if any premium note, cheque, or other obli- 
gation given on account of a premium, be not paid at maturity, the policy shall be void, and all pay- 
ments made upon it forfeited to the company. Conceding that this means void at the option of 
the insurers, they were not obliged to do anything showing an election to avoid it in the life time of 
the insured. If the premium remained unpaid at the time of his death, the policy is void, if they set 
up the condition. The policy has simply come to an end. Rochner v. Rinckerbocker Life Insurance 
Co., 63 K. Y., 160 ; Robert v. New England Mutual Life Insurance Co., 1 Disney (Ohio), 355 ; Lantz 
r. Vermont Life Insurance Co., 139 Pa. St., 646 at p. 561. If before death they had accepted pay- 
ment of the premium the case might have been within Wing i\ Harvey, 5 D.M. & G., 265, and Arm- 
strong v. Turquand, 9 lr. C.L. 32 (1858), and the defendants might have been held liable, or at most 
it would have been a question upon the evidence whether they had accepted payment on the footing 
of the policy being in force, or under the stipulation that the premium note should be payable at all 
events, and notwithstanding its avoidance. Here there is nothing but the fact of default in payment 
of the obligation given for the premium, and a call for its payment, which never came to the know- 
ledge of the insured. His representatives could be in no better posiiion than they would have 
been in if it had come to his knowledge, and he had died without complying with it, and I do not see 
how, consistently with giving any force or effect whatever to the conditions of tbe contract, the de- 
mand can be regarded as more tlian an intimation to the insured, or a declaration by the defendants 
that if the premium was paid during his lifetime the defendants were willing to treat the policy as 
being still on foot. No inference can justly be drawn from it that they were treating it as unaffected 
by the default, and that the premium, qua premium, was paid by the note, in other words, that they 
were electing to keep the policy on foot, except on the terms of payment being made in the lifetime 
of the insured. In point of fact, however, the defendants' letter of the 5th November, 1890, never 
did come to the knowledge of the insured, as he died before it could be delivered, so that if there 
was an intention on the defendants' part to elect not to avoid the policy, that intention was not 20m- 
rotmicated to him ; the election never was completed, and the case is simply one of the insured dying 
while in default, and thus coming within the terms of the destructive condition. I refer to Neill r. 
Union Mutual Life Insurance Co., 45 U.C.R. 593, 7 A.R. 171 ; Doe Nash v. Birch, 1 M. & \V. 402, 
*t p. 408 ; Croft v. Lumley, 6 H.L.C. 672, at p. 705. 
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xl DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

I do not wish to be understood as sayjng that a demand, even if actually communicated to the 
insured, unless followed by actual payment and acceptance of the premium in his lifetime, would be 
evidence of a waiver of the forfeiture or sufficient to reinstate the policy. 

In Edge v. Duke, 18 L. J. Ch. 183, where the company had not only demanded payment of 
the over-due premium, but had sued for it, they were held entitled to insist upon the forfeiture not- 
withstanding. 

For these reasons I concur in allowing the appeal. 

MacLknnan, J. A. :— 

I also am of opinion that the appeal should be allowed. 

During the argument I thought the circumstance that when the first note given for the premium 
was renewed it was given up to the maker, might make a difference. The first note was undoubtedly 
" given on account of a premium " within the condition endorsed upon the policy, but before it became 
due it was given up and another note was taken in lieu of it, and this process of renewal was repeated 
once or twice. It cannot be said that the original note under these circumstances was a note " not 
paid when due " within the meaning of the condition, and having been given up, if it was a paid note, 
it could never become anything else, or be revived by the dishonour of the renewal. Then the second 
and subsequent notes were not given on account of a premium, as the first was, but in payment of the 
antecedent ones, or at least in lieu of them. Upon reflection, however, I think it would be putting 
too narrow a construction upon the language of the condition to hold that the subsequent nutes were 
not also given on account of a premium. We cannot truthfully, making a fair and reasonable use of 
language, say that they were not given on account of premium. It is evident that all the notes were 
given for that and nothing else. 

Then it was said that the provision in the policy allowing a grace of one month in payment of 
premiums applied. It is noticeable that the grace is confined to the payment of premiums. It is not 
extended to notes or other obligations given therefor. I think the month must be held to run from 
the regular day on which the premium wasdue, and if the company should take a note I think the 
proviso does not mean that the assured shall have a mouth's grace in addition to the time the note 
has to run. The rule of the policy is that premiums are due and payable in advance. Any depar- 
ture from that rule, whether by taking a note or otherwise, is grace, and all the assured is entitled 
to by the terms of the policy is a month. If he gets two or more months by a note it must be taken 
to be in lieu. of or substitution for the month allowed by the policy, and not in addition to it. 

I now come to the ground of waiver, oMTwhich the judgment of the Divisional Court rests, and 
after most anxious consideration I am unable to agree with the judgment. I think with great respect 
there was no waiver. The cases cited by the learned Chief Justice of Wing r. Harvey, 5 D.M. &. 
G., 265, and A cm strong r. Turuuand, 9 Ir. C.L. "32, are, I think, distinguishable from "the present. 
In those cases the companies had no right whatever to receive the premiums, which they received 
unless upon the theory that they waived the forfeiture. In Wing v. Harvey the company received 
premiums for years after they were aware of the cause of forfeiture, and in Armstrong r. Turquand 
they received one premium after knowledge. The other case, Mackie v. European Assurance 
Society, 21 L.T.N.S. 102, merely decides that the company was bound by the acts of their agent. 

I assume, for the purpose of this case, that the company is bound by all that took place between 
the assured and the agent, and, looking at the correspondence, I am unable to find that the question 
of the forfeiture of the policy by reason of non-payment was present to the mind of the agent at any 
time. It is evident that what he was concerned about and was endeavouring to obtain was the pay- 
ment of the note. He was not considering consequences. 

He had a right to say if he chose: "Your policy is void, but I want payment of the note." 
But he was not obliged to say anything at all about the policy one way or another. By the terms of 
the contract he could demand payment of the note whether the policy was void or not. But for that 
his demand of payment would be an assertion that the policy was still in force, and would be evidence 
of waiver ; but, under the circumstances, I am unable to see how it can be so regarded. It was 
argued that if the assured had paid the premium in answer to the demand it could not be contended, 
but that the policy was thereby set up again. I think, however, that is the same proposition, and that 
if the money had been paid, and it turned out that the assured was suffering from dangerous or fatal 
illness, the company could not be held to have waived the forfeiture. When a landlord, after a for- 
feiture, receives rent which had become due before it occurred, that is no evidence of waiver ; but 
if he receives rent which fell due afterwards it is otherwise. In the first case he has a right to his 
rent whether he intends to insist on the forfeiture or not, but in the other case there can be but one 
inference drawn, namely, that he has waived the forfeiture. So in this case the company had a 
right to demand, and even to recover, payment of the note whether they waived the forfeiture or not. 
And so no inference whatever as bearing on their intention can be drawn from those acts. Put- 
ting those acts aside, I think we must find in the correspondence a distinct intention in express or 
unequivocal language to waive a forfeiture before we can decide that they have done so, and with 
great respect I am unable to see that any such intention is there to be found. 

I am, therefore, of opinion that the appeal should be allowed. 

Appeal allowed with costs. 

The plaintiff in tho action gave notice of a further appeal from the judgment of 
the Court of Appeal to the Supreme Court of Canada, but the superintendent is not 
aware whether tuch appeal has been perfected or abandoned. 



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REPORT OF THE SUPERINTENDENT. x)i 

i 

The report in the following case which is, in many respects, similar to the last, 
but at the same time sufficiently dissimilar to warrant its insertion here, is taken 
from 20 Appeal .Reports (Ontario) page 309. 

The Manufacturers' Life, Iiumrance Co. vb. Gordon. 

This was an appeal by the plaintiff from the judgment of MaeMahon, J. 

The action was tried at Ottawa on the 26th and 27th of April, 1892, and on the 16th July, 1892, 
the following judgment, in which the facts are stated, was delivered : — 

MacMahox, J. : — 

Action for the cancellation of a policy of insurance issued by the plaintiff company on the life of 
Daniel John Bailiie Gordon, for the sum of $5,000 (the amount l>cing made payable to his wife Kate 
S. Gordon, the defendant), upon the ground that a note given by the insured the said D. J. B. Gordon, 
which matured on the 8th October, 1891, for the half year's premium falling due on the 5th of July, 
1891, (being within two years of the issuing of the said policy), was not paid at maturity, and there- 
upon, as the plaintiffs allege, the said policy became null and void under the conditions contained in 
the application and policy. The policy is dated the 22nd of July, 1890, and by its terms the semi- 
annual premium of $77.75 is to be pnul in advance to the company on the oth days of July and 
January in each year. By one of the provisions of the policy — (H) — " a grace of one month will be 
allowed in payment of premiums, at the expiration of which time, if said premium remain unpaid, 
this policy shall thereupon become void. But a reinstatement will be permitted if application therefor 
be made in writing to the company at its head office within two months after the expiration of the one 
month's grace accompanied with a certificate of cood health from a medical examiner of this company, 
subject to its approval, provided always that whenever advantage is taken of this grace or of the 
privilege of reinstatement, interest shall be paid to the company at the rate of six per cent per annum 
for the time deferred." And on the back of the policy is endorsed : *• If withiu two years from the 
date named for the commencement of this insurance * * * any note, cheque or other obligation 
given on account of the first or second year's premium be not paid when due * * * this policy 
shall be void and all payments made upon it shall be forfeited to the company," &c. 

At the foot of the medical examination, which was signed by Gordon (and which was referred to 
in the application as forming part of it), there is an agreement that if any note or other obligation 
given for the first or any subsequent premium be not -paid at maturity the policy shall thereupon 
become void but tht note y etc., mmt nertrfhefess be, paid. 

This cannot be deemed a condition or stipulation in any way modifying the effect of the policy, 
as under section 27 of R. S. C, ch. 124, all conditions, stipulations and provisos to effect any policy 
after the first of January, 1886, to be valid, must be set out on the face or back of the policy. The 
half year's premium due on the 5th July, 1891, not being paid when due, the agent of the company 
at Ottawa delivered the receipt for the premium to Gordon anil accepted his (Gordon's) note dated 
•>th August, payable in sixty days, for the amount, §77.73, which was not paid at maturity. The 
company's agent at Ottawa on the 9th of November notified Gordon that if the note were not paid by 
the 16th it would be put in suit for collection. 

The note was put in suit on the 3rd of December, and judgment was entered on the 30th of 
Decendier, 1891, for the amount of the note, with interest and costs. On this execution was issued, 
which was returned nulla bona on the 7th of February, 1892. The Division Court bailiff'said he had 
advertised Gordon's goods for sale, and that they were under seizure until Gordon's death, which 
occurred on the 4th of February. He said he might have realized fifty or sixty dollars from a sale 
of the goods, and the reason he did not sell was because there was a settlement with the company's 
solicitors, who agreed to accept ten dollars per month on the execution. A letter from the plaintiff's 
solicitors, dated 18th of January, 1892, was put in, in which they state the company is willing to 
accept payment of the claim in instalments of ten dollars per month : the first payment to be made 
immediately, and the bailiffs fees to be paid by Gordon. 

This offer was not acted upon, as no instalment was paid in accordance with its terms. In fact, 
when the letter reached Gordon he was suffering from the illness from which he afterwards died. 

On the 2lst of January Mr. T. C. Bate saw the company's agent, A. ft. Bradbury, to whom he 
said he had called to pay the judgment and the next premium, when Bradbury said he would ascer- 
tain the amount of the Division Court costs, and would let him (Bate) know the whole amount. On 
this occasion, which was the first Bradbury said he heard of Gordon's illness, Bradbury gave Bate a 
"health certificate,'* which he desired should be signed by Gordon. Bate said that Gordon did sign 
the certificate in blank, but it was never filled up, and was not returned to Bradbury. On the fol- 
lowing day (22nd January), Bradbury went to Bate's office and said he had given hiift the wrong 
wrtificate, and then gave him a short form medical examiner's certificate to be filled up after a 
re-examination of Gordon by the company's medical examiner. This the company's agent considered 
necessary, because, as he stated, thirty days had elapsed since the premium was overdue- -he referred 
to the premium represented by the promissory note, which had been overdue since the Hth of October 
previous. On the 22ud of January, 1892, the solicitor of the company informed Mr. Bradbury that 
their expenses (I suppose costs) in connection with the judgment in Manufacturers* Life \. (forrion, 
amounted to $8.89, which included the solicitors' fees payable by the company. On the 3th of 
February, Mr. Christie, the solicitor for Mrs. Gordon, tendered the solicitors of the company $82 
»' payment of the judgment, and on the same day Mr. Bate tendered to the agent of the company 
$7* for the half-year's premium which fell due on the 3th January, 1892, which was refused. 



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DEPARTMENT* OF FINANCE — IN8URANCE BRANCH. 



On the 8th of February, 1892, the managing director wrote the company's agent at Ottawa, a 
letter in which he was asked "did he (Gordon) know from you that the policy had lapsed ? " The 
general manager then states : " I cannot approve of your haste in putting this matter in the hands 
of a solicitor for collection. It matured last October, and it would have been far better to have 
waited a few months before suing. Had you let the matter stand as overdue until after the 5th of 
February, they could not possibly have made any claim with any ghost of a show ; as it is now they are 
going to make use of the judgment as a strong point in the contention that we considered the policy 
in force." On the 10th of February, the agent answered the managing director's letter, and in reply 
to the query as to notifying Gordon, he said : " As to whether I notified Gordon that his insurance 
had lapsed, I do not remember, but Gordon knew such was the case, for he met me on the street and 
told me the company was suing him for his note. I remarked, * Wei!, you can't blame me'; he 
said. * I suppose my insurance is gone now anyway.' I then said to him, ' pay the note and we will 
get you reinstated. ' " These letters were put in by the defendant's counsel. The receipt given to 
Gordon when the company accepted his note is as follows : " Received from the owner of policy No. 
6344, the semi-annual premium due July ;tth, 1891, $77.75. John F. Ellis, managing director. " The 
note was accepted in payment of the premium, but by the condition endorsed on the policy, upon the 
non-payment of the note, the policy became forfeited unless there was a waiver by the company of its 
right to enforce the forfeiture. The right of forfeiture is for the benefit of the insurers, and they 
may choose not to enforce it. And when the insurers had, as in this case, the promissory note of the 
insured, the company may intend to still carry the risk and euforce payment of the premium. The 
payment of the annual premium upon a policy of life insurance is a condition subsequent, the per- 
formance of which, may or may not, according to circumstances, work a forfeiture of the policy : 
Thompaon v. Insurance Co., 104 U.S. 252. The company by demanding payment of the note: by 
suing for the amount of the note and the accrued interest thereon ; by obtaining judgment and issu- 
ing execution thereon ; making a seizure thereunder, and claiming to recover the amount of such 
judgment down to the day of tlie death of the insured, are, it is urged, estopped from setting up that 
the policy was forfeited by non-payment of the note at its maturity. Mr. McCarthy urged, on the 
authority of Knickerbocker Life Insurance Co. v. Pendleton, 112 U.S. 696, that there was an absolute 
forfeiture of the policy by non-payment of the note and that the company was entitled to sue and 
recover the amount of the note (the insured having had the benefit of the insurance during the inter- 
val) without waiving the forfeiture. In that case there was nothing done by the company evidencing 
a waiver of the forfeiture after the maturity of the bill which had l>een accepted in payment of the 
premium. 

To the same effect is Thompson vs. Knickerbocker Life Insurance Co., 5 Bigelow Life Ins. Cas. 8. 
Had the company in this case been paid the amount of the overdue note and interest when the notification 
was sent by the company's agent to Gordon on the 9th of November, or had the judgment been paid by 
Mr. Bate on the 21st of January, 1892, there can hardly be a question that the then receipt of the pre- 
mium would have been a waiver of any forfeiture. Even in the case where money is paid and received 
as renc under a lease, a mere protest that it is accepted conditionally and without prejudice to the 
right to insist upon a prior forfeiture, cannot countervail the fact of such receipt : Davenport vs. 
The Queen, 3 App. Cas. 115. The company did not deal with the policy as having been forfeited. 
It was carried in the company's books as an existing risk ; and in the statutory return made to the 
Government, sworn to by the president and managing director on the 24th of February, 1892, the 
policy issued to Gordon is included as being amongst those in force on the 31st December, 1891. 
The contract being unilateral, it is only by receiving and accepting Gordon's note that the company 
was in a position to sue for the purpose of enforcing payment of the premium. Had Gordon's goods, 
which were advertised for sale on the 16th of January, been sold under the execution it is possible 
they might have realized sufficient to meet the judgment, in which case the premium would have 
been paid for the half year ending the 5th of January, and the month's grace for payment of the 
succeeding half year's premium would not have expired until the 5th of February, 1892. However, 
within the month's grace, the arnouut of the judgment debt and costs was tendered to the company's 
solicitor, and within such month's grace the premium for the succeeding half year was also tendered 
to the company's a^ent and refused. A Question arose as to whether under the policy the month's 
grace should be considered a lunar or a calendar month. In Simpson vs. Margitson, 1 1 Q. B. 23, where the 
words in a written contract were " If the estate were not sold within two months," it was held that 
this by itself meant " two lunar months,'* unless there were admissible evidence that the parties 
meant "calendar months." So in Nudell vs. William*, 15 C.l\ 348, where in a lease the plaintiffs were 
entitled to "the month" next after the expiry of the old lease within which to pay for 
improvements, it was held that the naked expression "month" meant a lunar month. In 
Hart vs. Midd/eton, 2 C. & K. 9, Pollock, C.B. said: "In legal matters 'a month' means 
a lunar month, but in commercial matters 4 a month' always means a'ealeudar month. 
In Bills of exchange, promissory notes, invoices, times of credit, and every thing else relating 
to commercial matters, it is so ; and I know of no instance to the contrary." The issuing 
of a policy of insurance can hardly be regarded as a commercial matter, so that authority does 
not help. In Simpson r. Maryitxon, 11 Q. B. 23, Lord Penman, C. J., at p. 32, said : "Nor can we 
find any authority for saying that the conduct of the parties to a written contract is alone admiss- 
ible evidence to vary the meaning of the word * month.' " However, in the present case, the company 
in accepting the note of the 5th of August, treated month as a calendar month in the buisness of life 
insurance. The letter from the agent at Ottawa, of 5th of February to the managing director of the 
company in which he says : " The days of grace of the second half year expire to-day," and the letter of 
the managing director to the agent, of February 8th in which he states : " Had you let the matter 
stand as overdue until after the 5th of February, they could not possibly have made any claim with 



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REPORT OP THE SUPERINTENDENT. xliii 

any ghost of a show " is evidence of what the meaning of " month " is in the particuluar business of 
life insurance. See Simpson v. Maryitaon, 11 Q.B. 23, at p. 32. If there is any question as to this the 
defendant should be allowed to give further evidence on the point as to the sense in which the word 
is used in the particular business of insurance. The case of Simpxon v. Accidental Death Imntrattce 
Co., 2 C.B.N.S. 257, to which counsel for the plaintiffs referred, turned upon a condition in the policy 
permiting the directors, when a new premium should become payable, uo terminate the risk by refusing 
to accept such premium. In Want v. Blunt , 12 East 183, also cited, where a tender of the premium by 
the member's executors within fifteen days' grace allowed by the policy ot the society was held too late, 
the judgment turned on the rules of the society which required the payment, when made during the 
clays of grace to be made by the member in his lifetime in as good health as when the policy expired. 
And in Lantz v. Vermont Life Insurance Co., 139 Pa. St. 546, where the authorities are reviewed, the 
policy stipulated for the payment of quarterly premiums by the assured, provided that should they not 
be paid at the dates named in the lifetime of the assured the policy should cease and determine. Under 
the term in the policy giving a month's grace within which to pay the premium, the tender on the 5th 
of February was a good tender. The plaintitTs claim must be dismissed with costs, and the defendant's 
counter-claim must be allowed and judgment entered for the defendant for the sum of $5,000, less 
$77.75, with interest from the 5th of February, 1892, and full costs of suit. 

The plaintiffs appealed and the appeal was argued before Hagarty, C. J. 0., Burton, Osier, and 
Maclennan, J. J. A., on the 2nd and 3rd of February, 1893. 

W. Nenbitt and R. Mc. Kay, for the appellants. 

Shtpley Q.C. for the respondent. 

Hagarty, C. J. O. 

A semi-annual premium was payable on the 5th January ; it was not paid. The insured died on 
the 4th of February, the premium still unpaid, but within the month, and on the 5th February, also 
within the month (if the month be calendar) the amount was tendered and refused. 

The life, the subject matter of the insurance contract had dropped, a premium being in default. 
The beneficiary under the policy (the defendant) insists that a payment was tendered within the 
month, that there was in fact no default but an absolute continuance of the risk until the end of the 
month. 

I feel great difficulty in accept tug this view. 

The whole scheme of insurance seems based upon the payment in advance at the commencement, 
or, as it were, to start the running or inception of the risk. When default was made by non-payment 
on the 5th of January, the risk was at an end or had ceased to continue, subject to a provision in the 
way of a grace or indulgence to the assured by payment within a month ; but under another provision, 
with interest from the time of actual default. But if the assured die on the 2nd day of the month 
without payment, are his representatives entitled to offer payment twenty- nine days after the life 
had dropped ? That is the proposition the defendant has to assert. 

I do not profess to know anything as to the usage or custom of Life Assurance Companies or how 
they are pleased to understand such provisions. I have nothing to guide me on this question of 
construction beyond what the Appeal Book presents, and the arguments of counsel thereon, and 
the external evidence. 

On the very fullest consideration which I can bestow on the case, it appears to me that after the 
life has dropped, no tender or offer to pay can avail. 

The whole subject matter of the insurance was gone, and the risk had terminated. If not, then in 
the case just suggested, the risk continued for say 28 days until the month was nearly up ; although 
the company had no existing premiums to support the risk, and never might have any, nor could they 
enforce any. The representatives might tender or not as they pleased. 

I think we must construe the policy as only granting this grace so long as the life was in being, 
so long as there was a life which the risk covered or to which applied. A half yearly or yearly premium, 
paid in advance, is an unmistakeable right to insurance for that period, absolute as a matter of con- 
tract. For an extra month payment will re-establish the contract ; but there must be the existence of 
the life on which the risk is to continue or to attach. Reading this provision " H" as offering two 
extensions of time we have first the option or privilege of paying within a month ; secondly, an 
agreement to reinstate the assured for a period of two months after end of the month on coudition of his 
being in good health, &c, and then if advantage be taken "of this grace or of the privilege of 
reinstatement " interest at 6 per cent shall be paid for the time deferred. I think the whole of this 
provision points irresistibly to the assumed existence of the life when either the grace of one month 
or of the extra two months, is sought to be availed of. 

There is a whole month given within which the risk on the life may be kept alive. 

The words " at the expiration of which time, if said premium remain unpaid, this policy shall 
thereupon become void," must mean as addressed to a living man : " if you let this month pass with- 
out paying up your policy is void." 

Here the life dropped with a premium in advance unpaid. The tender after death could not, in 
my judgment, avail. 

The whole subject matter of insurance was gone, and the risk ceased. Death before payment 
within the month closed all as it seems to me. Payment within it started the risk again, if the - 
subject to which the risk attached still existed. 

We have not been referred to any direct authority on this point. 

Byles, J., says in the much quoted case Prtichardx. Merchant* Life A**uranrt Co., 3 C. B. X. S. 
at p. 644," As to the effect of a payment of the premium on a life policy after the expiration of the period 
covered by the policy, and witnin the number of days usually allowed by the conditions for making 



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Xliv DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

the payment, or as they have sometimes been called the days of grace, I am not aware of any authority 
on the subject, except what fell from this court in the recent case of Simfwon v. Accidental Death 
Insurance. Co., 2 C.B. N.S. 257," 

The facts in Pritchard's case were too unlike the present to be a guide. But the remarks of the 
judges throughout the case incline my mind to the belief that payment within the named time of 
grace must be while the life (the subject matter) is in existence. 

On the other branch of the case as to the previous half year's premium and the alleged waiver by 
the company, or the effect of their action on the note and other proceedings, I have had the advantage of 
reading the judgment of my brother Osier, and I adopt his reasoning and conclusions. 

I think the appeal must be allowed. 

Burton, J. A. : — 

There are two questions involved in this appeal. First, whether the policy was avoided on the 
non-payment of the note, and second if not so avoided whether the tender of the premium on the 5th 
February, after the death of the assured, was sufficient. 

I deal with the last question first. 

I am, I confess, a little surprised at any question arising at the present day as to the liability of 
a life assurance company, where the assured dies within the days of grace but before the payment of 
the premium, provided that it is paid within the extended period. In practice no company disputes 
such liability, and in most cases they have remodelled their contracts so as to place the matter beyond 
question. 

This was done in consequence of the dicta which fell from some of the judges during the argu- 
ment in Pritchard v. the Merchant '*, etc. Life A**nranre Society and Simjnton v. Accidental Death, In*. 
Co. in 18.">4, which led to an almost universal change in the form of life assurance policies, so as to 
remove all ambiguity or doubt upon the subject, and no one doubts that a policy of assurance, like 
all other written contracts musr. be construed according to the meaning of the parties expressed in it. 

As the point was strenuously urged in the present case and in another recently before us, I shall 
discuss it more fully than I should otherwise have done, as I considered it as perfectly well established 
that since that change the liability was unquestioned. 

A good deal of confusion has arisen from treating a contract of life assurance as a contract of 
indemnity, whereas it is a mere contract to pay a certain sum of money at a certain time in consider- 
ation of certain stipulated payments. 

The contract is not like a fire or marine assurance policy for a single year or a single voyage with 
a privilege of renewal from year to year by paying the annual premium, but is an entire contract for 
assurance for life subject to discontinuance and forfeiture for non-payment of any of the stipulated 
premiums. Such is the form of the contract and such is its character. 

The question first arose in a fire insurance case — Tarleion v. Staniforth 5T R. 693. The insurance 
was from naif year to half year as long as the insurers sbYmld agree to accept the same, with 15 days 
grace, but there was to be no insurance until the premium was actually paid. 

The loss occurred within the 15 days but before the payment of the premium. 

The previous half year's contract was at an end ; two things had to concur before any new con- 
tract of insurance was effected that the insured should pay the premium and that the insurers should 
agree to accept it. 

There was in fact no contract then in existence, and if the premium had been tendered before 
the fire the company was not bound to accept it. 

The question hi all these cases is whether upon the true construction of the whole instrument 
the loss occurred whilst the policy was still in force, and although it is quite clear that Tarleton v. 
Stani/orth , was, under the facts in that case, rightly decided it effected a revolution in that kind of 
business. The Sun Fire Office issued an advertisement stating that all persons insured in their office 
by policies for one year or any longer term were and always had been considered by the managers as 
insured for 15 days beyond the time of the expiration of their policies. 

In an action brought some time subsequently against the same office, Safrin v. James, (> East 571, 
it was held this did not stop them before the expiration of the insurance from declaring that they 
would not renew the insurance except at an increased premium, and that they had still the right 
therefore to decline to renew the insurance, but the court there held that in default of reasonable 
notice, l>efore the expiration of the contract to that effect, the policy would have remained in force 
for the 15 days, and the company would have been liable notwithstanding that the premium had not 
been paid before the loss. 

To the same effect is McDonald v. Carr y Hat/ex and Jone*, 250, whereon the true construction of 
the policy, it was held to be in force for one year and fifteen days. 

These are all different from the case we are considering, which is one of a contract for life, not 
determinable at the will of the assurer. 

The case of Want v. Blunt, 12 East 183, has no application. That was the case of a member 
of a society effecting a policy of assurance in consideration of a payment by him during hi* life, and 
the payment of his proportion of the contributions which the members of the society should during 
his life be called on to make. 

The court held that no person could be assured unless he was a member ; that the meml>ers were 
insuring each other, and that the paying a premium for another quarter was making a new assurance, 
and that the whole frame of the policy showed that every premium must be paid during the life of the 
assured. 

If that was the true construction of the policy it warranted the conclusion arrived at. 



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REPORT OF THE SUPERINTENDENT* xlv 

I come now to the two cases the dicta in which led to the change in the frame of the policies 
now generally in use. 

The first of these, Simpson v. The Accidental Death Insurance Comjxtny, was not a case of life 
assurance in the ordinary sense of the term but was an insurance against accident. 

There, as in Tarhton x: Staniforth the company were not bound to accept the premium if 
tendered, and it was in effect a grant of so many days during which the assured might effect a 
renewal if the company chose to renew, but not otherwise. 

The case of Pritchard v. Merchant*, etc., Life At>*urance Society has little bearing on this case, 
except for some of the dicta which fell from some of the judges during the argument ; the payment there 
was not made until after the death and after the expiry of the day/* of grace. The policy, as in the other 
cases quoted, provided for the quarterly payments during the natural life of the, asmred, and the policy 
had ceased to have any force, and could only have been renewed if the assured had been living on 
complying with certain formalities and conditions. 

Now, as I have remarked, in consequence of the doubts created by the dicta in these cases the 
assurance companies decided to alter the forms of their policies so as to remove all doubts and 
prevent parties being entrapped into believing themselves covered by insurance when they were not 
so covered, and no one doubts that they can by express stipulation extend the policy in that way. 

Have they done so in this'case? The policy does not in terms provide that the premiums are to 
he paid by the insured or during his lifetime. On the contrary, the contract is with the wife, and is 
to pay her the sum assuied upon proof of the death of the assured during the continuance of thin 
policy, and then we find a clause that a grace of one month will be allowed in payment of premiums 
at the expiration of which time if the said premiums remain unpaid, the policy shall thereupon 
become void. If, therefore, this payment was made within the month, can it be said it was not in 
full force, notwithstanding the risk had become a claim ? Reading the whole contract together, and 
the interpretation placed upon it by the company, I think we are bound to hold that the month's 
grace was a calendar month and that at the time of the tender the contract was a continuing contract 
and in full force, unless avoided by the default in non payment of the note. 

In the view I take of the other point, it was not strictly neeessar)' that I should express any 
opinion on this one, but if there is any doubt upon the question the matter is of too great and too 
general importance to justify any judge of an Appellate Court passing it over in silence. There are 
110 doubt thousands of persons insured under policies co\ eriug several millions of money who are in 
the constant practice of deferring the payment of the premiums until shortly before the expiry of the 
days of grace without feeling the slightest doubt of their perfect safety in so doing, and the fact that 
the persons who have made a special study of this particular business have by almost a universal 
concensus of opinion for many years placed the construction that has been placed by them on the 
meaning of the extension of the days of grace is entitled in my opinion to very great weight. 

I forget whether it was Lord Blackburn or Lord Bramwell who once sain : *' .Show this contract 
to the first hundred business men you meet with on the street, and I do not doubt but that each of 
them will place the same construction upon it," adding that he was free to admit that that construc- 
tion was much more likely to be correct than that of himself, who knew nothing of the business or 
that of a whole l>ench of judges. I quote from memory the substance of what was said, but Lord 
Westbury in the case of Thompson vs. Hudson, L. R. 4, H. L. 1, used language almost as treasonable ; 
ami Lord Bramwell comments in a similar way upon the incongruity of referring to him who was neither 
a fishmonger nor a carrier, nor with any knowledge of their business, to say whether a contract made 
hy a, fishmonger and a carrier of fish, who knew their business, was just and reasonable. 

It is well, however, to point out that one occasionally finds policies which are open to the 
objections suggested by the judges in the course of the argument in Pritchard's case, and that parties 
may possibly, in such cases, be left to the mercy or the sense of justice of the assurance company. 

In the present case there is not, in my opinion, any room for any possible doubt. The company 
agrees to pay if the death occurs during the continuance of the contract. Thai contract did con- 
tinue in full force and validity until the expiry of the days of grace. After that time, if the payment 
had not been made or tendered, the contract was at an end, but not till then ; and if the assured had 
Wn living, could only have been revived after that time on the terms mentioned in the condition, 
^ne is an absolute right extending the contract ; the other is purely discretionary with the company 
f >n certain facts being established to their satisfaction. 

The death of the assured did not terminate the contract any more than the loss of the building 
i'i the Salrin v. Jam**, and in Macdonald vs. Carr terminated the contract. The fact that the subject 
matter no longer exists has nothing whatever to do with the continuance of the contract. 

But upon the other point the policy was avoided on non-payment of the note, unless the suing 
upon it can be treated as a waiver. I do not see how we can, consistently with our decision in 
Mrf^nrhi* vs. The. North American, hold this to amount to a waiver unless we are to hold that the 
provision contained in the application in these words : — 

"If a note, cheque, draft or other obligation be given for the first or a subsequent premium 
or any part thereof, and if the same be not paid at maturity, it is agreed that any insurance or policy 
made on this application shall thereupon become null and void, but the note, cheque, draft or other 
obligation must nevertheless be paid,'' comes within section 4 of the Ontario Insurance Act .V2 Vic. 
^p. 32, as a term, condition, stipulation, warranty or proviso, modifying or impairing the effect of 
any contract of life insurance, in which case it would require to be set out in full on the face or 
Wk of the instrument forming or evidencing the contract. 

I do not see how this can be regarded as in any way modifying or impairing the effect of the 
contract. It is an agreement in no way affecting the contract, but defining what the rights of the 
parties shall be in respect of the note so given for the premium. The effect of the non-payment at • 



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Xlvi DEPARTMENT OP FINANCE — INSURANCE BRANCH. 

maturity is disclosed in a condition which is set oat in fail upon the back of the policy, and the only 
object of this collateral agreement is to avoid all doubt about the suing on the note being considered 
a waiver of the previous forfeiture. 

I regret, therefore, that I am unable to find anything which operated as a waiver of the for- 
feiture, and I think the appeal must be allowed. 

LteiJSR, J. A. :-- 

I am of opinion, with all respect for the learned trial judge, that no waiver or estoppel arises out 
of these proceedings. The effect of the note was to continue the policy in force for two month's 
beyond the month's grace so that the deceased was insured for three months out of the half year for 
which the premium was payable and had death occured during that time the policy would have become 
a valid claim. On non-payment of the note, however, it became void by the express terms of the con- 
dition. But the condition says nothing of the note becoming void. It is, and remains a contract, 
with the company for which the maker has received, up to the time of its maturity full consideration. 
In the absence of an express stipulation that both contracts shall be avoided if default is made in pay- 
ment of the note, effect, must it seems to me be given, both to the condition and to the note. By 
the former the policy is expressly declared to be void, but the makers liability upon the note continues 
without any stipulation that an attempt to enforce it shall re- mutate the policy which had been 
avoided or simply ceased to be in force by the mere fact of non-payment. It is quite consistent with 
this that acceptance of payment of the note by the company after default should be treated as a 
revival of the policy, but why should anything short of this be held to have that effect ? It is said 
that it is inconsistent for the company to sue the note, and at the same time say that the policy for 
the premium on which it was given is forfeited, but that cannot be so if the liability upon the note 
has not been extinguished by the omission of the maker to pay it or unless the assertion of a right to 
payment of the note whether by a mere demand or by suing it is to be regarded as an acceptance of 
it absolutely qua payment of the premium, though the company may never be able to recover any- 
thing upon it from the policy-holder. I think the defendant's case must be pushed as far as that. 
The maker, in short, has bound himself to pay the note, and the company have stipulated that if he 
does not pay v hen it is due the policy shall be void. That is the legal position of the parties. I 
cannot see how the company by asserting their legal right upou the note, waive or are estopped from 
asserting another legal right when they have done nothing which would make it fradulent for them 
to insist upon it, or now anything short of payment by the insured in his life time accepted by the com- 
pany, relieves him from the forfeiture or entitles him to say that they have treated the premium as 
paid or the forfeiture waived by suing or obtaining judgment on the note. 

I refer to Edge vs. Duke, 18 L. J., Ch. 183, where it was held that the insurance company had 
not waived a forfeiture incurred by non-payment of the premium either by demanding payment of 
it or by bringing action therefor. See also W art vs. Milvilh Fire Insurance. Company, 45 N. J., 177 ; May 
on Insurance, 3rd ed., sect. 362 ; Banyan's Law of Life Insurance, 3rd ed., 360. 

I cannot agree that the other acts of the company upon which the defendant relies, such as 
carrying the policy in their books as an existing risk, including it (though not specifically) in the 
official return of policies in force on 31st December, 1891, are any evidence of waiver of the forfeiture. 
They are all equivocal in their nature, capable of explanation, not intended to influence the conduct 
of the insured, and not, in fact, communicated to him, or known by him. Insuranct Company 
vs. Wolff, m U.S. 326 ; WUmot vs. Barber, ID Ch. I). 96, page 105. 

As I hold that the default in payment of the note given for the July premium avoids the policy, 
and that the forfeiture thereby occasioned has not been waived, the non-payment of the January 
premium is of no consequence. But upon the two important questions raised in reference to that 
premium, viz. : whether the term " mouth " in the clause giving a month's grace for payment of the 
premium is a lunar or a calendar month, and, secondly, whether a tender of the premium is sufficient 
if made during the grace but after the death, I may briefly say(1) that I think it sufficiently 
appears from the other parts of the policy that the term is used in the sense of being a calendar 
month, because other periods of time are mentioned which are ascertainable ouly by reference to the 
latter and calendar months expressly named, e. tj. the premiums are payable on the oth days of July 
and January in every year, which shows that the calendar year, or " a twelve month," is intended, 
and not " twelve months," and the policy speaks of the semi-annual premiums, again implying 
calendar months, six of which go to the half year. Gate Any'* case, 6 Rep. 377. No doubt it lb well 
settled in our law that in a written contract, subject to certain exceptions, the word " month " 
describes at law a lunar month unless there is admissible evidence of an intention iu the parties 
using the word to describe a calendar month. The leading case is Simpson vs. Manjitson, II Q.B. 23 : 
and see also Turner vs. Barlou\ 3 F. & F. 946 ; Huff on vs. Brown. 45 L.T.N.S., 343 (1881), per Fry, 
L. J ; Hart vs. Aliddteton, 2 C. & K. 10 ; Lamj vs. dale, 1 M. & S. III. Stroud's Judicial Dictionary, 
Tit Month. But such evidence may be drawn from the context of the instrument, and we may here 
justly infer that the parties did not mean to employ the term in this particular clause in any other 
sense than that in which it must be understood in reference to other periods of time which are 
spoken of, and which are made up of calendar months, or which are described by the actual names of 
such months. It is to be regretted that this distinction between lunar ami calendar months should 
still prevail in our law since the ancient and derivative meaning of the term is obsolete as applied 
to ordinary business affairs and transactions of life in this country, and the statutory rule as given 
by the Interpretation Act might well be made of general application. 

In the United States the Common sense rule has generally been adopted : Sheets v. SeMe.n's 
Le**te, 2 Wal. 117, at p. 189 ; Gross v. Fowler, 21 Cal. 393 ; Strong v. Birrhard, 5 Conn. 387; Brtirar 
v. Harris, 5 Gratt. 285. 



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REPORT OF THE SUPERINTENDENT. xlvii 

The other question seems to me one of some difficulty. The language of the policy is obscure, 
and though framed in more general terms in some respects than the policies injquestion in the English 
eases, Simpson vs. Accidental Dtafh Insurance, Co., 2C.B.N.S., 257 and Pritchard vs. Aftrckant* y 3 C. 
B.X.8., 622, the present inclination of my opinion is that it must be construed as meaning that payment 
of the premium must be made in the life -time of the insured. The clause as to reinstatement which 
is found in direct connection with the "grace " clause implies the continuance of the life at the end 
of the in on tli, and to hold that the grace continues after the death to the end of the month involves 
the absurdity, that, although the policy has become a claim by death within a month so that the 
premium ought then to be a mere matter of account, it will be avoided, by the express terms of the 
provision and the claim defeated, by the omission of the insured's representatives who may know 
nothiug about the matter, to pay the premium in cash before the expiration of the month. I doubt 
if the reference iu the first clause of the policy to the deduction of " the l>alance of the current year's 
premium, if any," has anything to do with tho case of death during the month's grace. It seems, 
rather intended to provide for a case where the company insure upon a stipulation for a yearly 
premium, which may have been divided into quarterly or half yearly payments for the convenience 
of the insured who afterwards happens to die during the quarter or half year, and then the company 
deduct the balance of the yearly premium. The undertaking of the company to pay on proof of 
death during the continuance of the policy does not assist the argument. The question is whether 
the policy is continued during the month if death ensues before payment. If the company had in- 
tended to be liable in that event they could easily have said so. The question is seldom likely to 
arise since the circumstances must be rare in which a company will think it prudent as a matter of 
business to raise it. We must, however, be guided by what they have chosen to express by their 
contract and not by their practice, how general soever that may be, though of this indeed, we have 
no means of knowing. If their intentions are good, they will, now that this ambiguity in their con- 
tract has been pointed out, readily find a way to remove it. I must add that I do not wish to be 
understood as expressing a final opinion on this point, which though suggested in the hearing was not 
really argued. I merely desire to point out that the question is not so absolutely free from doubt as the 
respondent '8 counsel asserted it was. There are cases in the American courts such as Warden va. Guar- 
dian Muittal Lift* 39 N.Y. Sup. ct. 317, which favour the respondent's contention on this point, but the 
frame and wording of the policies in question are so different that they cannot be accepted as safe 
guides in a case like the present. 

The appeal must be allowed and the counter-claim dismissed on the ground of the non-payment 
of the July premium. 

Maclennan, J. A. :— 

The learned judge held that, although by non-payment of the note at maturity 
the policy became void by virtue of the condition, the forfeiture had been waived ; and as I 
understand his judgment, that the waiver was by the proceedings taken to enforce payment of the 
note. Unless that conclusion of the learned judge can be supported, the appeal on the counter 
claim must si*cceed, and it is not necessary to consider the question upon the premium of January 
or the sufficiency of the tender of the premium after the death of the assured or some other 
questions which were argued before us. 

The premium was due on the 5th of July. The previous one had been dim and had been paid 
on the 5th of January. They were payable in advance, and but for the stipulation for the month's grace 
payment on the 5th July would have been a failure on the part of the assured to comply with one of 
the conditions named in the policy on which the company's promise rested, and would have been 
a good answer to an action for the money. It follows that the 5th of July was one of the days of 
grace. It was the first day of the month of grace. If so, the 4th of August was the last day, 
and no payment having been made on or before that day, the company might have refused to receive 
it, and have withdrawn from their contract. They did not do so, however. They received the note 
of the assured at sixty days, and they gave him the usual official receipt for the premium. I think 
that was a clear waiver of the default on the part of the assured. It could mean nothiug else. 
They were not obliged to receive it, nor was the assured obliged to give it. But the assured did 
give his note and the company received it and gave him a receipt for the overdue premium, and it is 
quite clear that during the currency of the note the risk continued. It seems equally clear that, but 
for the condition endorsed on the policy as to the effect of non-payment of the note at maturity the 
rUk would have continued until the 5th of January. 

That condition, however, declared that non-payment at maturity would avoid the policy, and 
the non-payment occurred. The policy therefore clearly became void on the eighth of October, unless 
it was again set up by some act of waiver. The proceedings to recover payment of the note were of 
the most unequivocal kind, and if the company had no right to take those proceedings except on the 
theory that they were still on the risk, it would be the strongest evidence of waiver. The question, 
therefore, arises, had the company a right to insist upon the forfeiture and also to recover the note, 
and could the assured have set up any defence against the note on the ground that the policy had 
lapsed! 

I think there can be but one answer to that question. The note was given for valuable consider- 
ation. In consideration of getting it the company set up again the contract which had ceased to be 
any longer binding on them, and came under risk once more. This risk continued for sixty days, 
during which, if the assured had died, the company would have had to pay. There was no total 
failure of consideration nor even a partial fuilure, for having regard to the condition, the considera- 
tion for the note was an insurance, for six mouths if paid punctually at maturity, and an insurance 
till the 8th of October and no longer if not so paid. The assured had therefore received full consid- 



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Xlviii DEPARTMENT OF TINANCE— IN8URANCE BRANCH. 

eration for his note and was liable to pay it whether the company chose to insist upon the forfeiture 
or not. That being so, the proceedings taken by the company can be no evidence of waiver, and I 
think, there was nothing else in the case which could be seriously relied on for that purpose. 

I am therefore of opinion with great respect that the appeal on the counter claim should be 
allowed and that both the claim arid counter claim should be dismissed with costs. 

It is not necessary in this view to decide whether payment could be made after the death of the 
insured, and before the expiration of the time of grace, but I may say that in my view the payment 
could be so made. 

Appeal allowed with costs. \ 

It will be observed that the Court was equally divided on the question as to 
whether the claim under the policy failed by reason of the non-payment of the 
premium which fell due within a month prior to the death of the insured, a mouth's 
grace being allowed for the paymeut of premiums by the terms of the policy. The 
Court, however, appear to have been unanimous in holding that the term " month " 
meant a calendar month and not a lunar month. In this connection attention is 
called to section 12 of the Act passed by the Legislature of the Province of Ontario, 
assented to 27th May, 1893, amending the Insurance Corporations Act, 1892, and 
particularly to the first subsection (8) thereof. The section referred to will be 
found at page lvii of this report. This case appears also to have decided (1) that 
a condition making a policy void upon non-payment of a note given for a premium 
is not such a condition as is required by section 27 of the Insurance Act in order to 
bo valid, to be set out in full on the face or baok of the policy, and (2) that a com- 
pany hasxthe right to insist upon the forfeiture of the policy, upon the hou-payment 
of such a note at maturity, and also to sue and recover upon the note. 



The following case, recently decided by the Court of Appeal for Ontario, and 
which strongly resembles the two preceding cases, arose out of a policy of 
insurance upon which no premium had been paid, but for the first premium on which 
two notes at 90 and 180 days respectively, had been given by the insured and 
accepted by the company. The trial judge decided against the company, but his 
finding was reversed on appeal. The learned chief justice, however differed from 
the majority of the court holding that the claim under the policy sued on was a 
valid claim against the company. The facts are sufficiently set forth in the 
judgment. 

Frank vs. Sun Life Assurance Co. 

Ha«arty, C. J. O. 

We must accept our learned 'brother Street'* finding that the defence failed as to the alleged 
rescission of the contract by arrangement between the parties. 

The application for insurance was mule 28th March, 18S9, and the policy dated first April, was 
declared to Ikj in consideration of the sum of J?34..V> to be to them that day paid, as the premium for 
12 calendar months, and of a like sum on the 1st of April yearly thereafter, and that the policy was 
not binding until the first premium was pai.l. 

The assured never paid any money, but the defendants took from him his two promissory notes 
for SIT. 28 each, both dated 27th March, the first note 10 be payable at 90 and the second at ISO 
days after date. This is the fiist note : — 

Note $17.28. Due June 29th. No. 

Interest $ Brentford, March 28th, 1889. 

Total 8 

Ninety days after date I promise to pay to George E. Reid, agent of the Sun Life Assurance 
Company of Canada, or order, at Brentford, the sum of seventeen 28-100 dollars, with interest at 
per cent per annum till paid, being the first semi-annual premium for an assurance of §1000 in the 
Sun Life Assurance Company of Canada, on the life of Frederick Dudely Cox, if the proposal there- 
for is accepted by the said company by the issue of their policy. And it is understood and agreed 
that if this note is not paid at maturity the policy shall be null and void, but this note is neverthe- 
less to be paid. (Signed) Frederick 1). Cox. 

The second note is in the same form except that it is payable 180 days after date. 



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REPORT ,0F THE SUPERINTENDENT. xlix 

The policy was duly issued to the assured. 

The first note matured 29th June, when the alleged attempt at settlement was made. Deceased 
paid nothing on it. The second note did not mature till 27th September. 

During its currency the life dropped on July 19th. 

The agent Adams, who sought to prove the abandonment of the contract, says he had applied 
to him several tiroes during the currency of the notes but the assured always said he could not pay. 

The defendants insisted that the dishonour of the first note avoided the policy on the allegation 
that its non-payment according to the terms should have that effect, but it also provided that ,4 this 
note is nevertheless to be paid." 

I agree with the learned judge that these notes must be taken to have been accepted as payment 
of the first premium, and that the policy had become binding. It is sought to avoid it by the condi- 
tions subsequent. The learned judge says that he thought the defendants ought to have availed 
themselves of their election to forfeit on the non- payment of the first note. He says : — 

II Tliere is no evidence here of any such election on the part of the company. They seek to set 
up an alleged arrangement made between their local agent Adams and the assured bv which it 
was said to have been agreed that the assured should give up the policy in exchange for his notes, 
and that he should pay a small sum towards the expenses incurred by the company in connection 
with his application. I should, however, come to the conclusion upon the evidence * that no such 
arrangement was definitely made ; it is said to have been made before the notes matured ; if so, 
why was it not carried out ? There was nothing to prevent it ; Adams had the notes, and the 
assured Jhad the policy within a few feet of him in the safe of the Express Company, in whose office 
he was employed, and at whose counters one of the interviews took place a feV Ways before the death 
of the assured." 

The assured was accidentally killed on the 19th July. 

On the 22nd July, Mr. Reid, the payee of the notes and the cashier for the defendants at 
Toronto, and who states himself as having charge of the collection of premiums in Ontario, on hear- 
ing, writes to Adams, a local agent at Brantford. 

July 22nd, 1889. 

" Dear Sir, — Yours of the 20th, containing the return of the following receipts to hand, for which 
accept thanks. I am sorry you were compelled to return so many. Can you do anything with the 
notes if I send them to you? I am sorry I sent you telegram by the Dominion, but was ignorant 
at the time as to which company's messenger Cox was. Poor fellow ! he had a quick and sudden call. 
This shows the advantage ot having life insurance." 

It was admitted that due notice of death and proofs was furnished and that the amount of the 
two notes was tendered to defendants before action was brought and refused by them. 

This case is very distinguishable from the McGeachie case, and also from Gordon vh. Manufactu- 
rers' Company, lately in this court. 

In those it was held that when life dropped there was no existing contract as to payment of pre- 
mium which was in default. 

Here we have the peculiarity that there was a current obligation not matured on a note which 
defendants had taken in lieu of the first year's premium. It is true that the first note had, as part of 
its contract, the clause that if not paid at maturity the policy would be avoided. This would of 
course be at the option of the company to act upon or not. They bargain that even if the policy 
were avoided they might still collect the note. 

The insurance companies that allow their agents to deal in thin very loose and unhwrinzntlike man- 
ntr with the payment of premiums, will always have difficulties of this kind to contend with. They 
issue policies based on the acknowledged payment of the first premium and instead of requiring such 
payment as a condition to the inception of the risk, they allow a system of accepting notes payable 
at various times, instead of the cash. They urge that this is done in case of insurers giving them 
time to make up the amount. It may be so, but it is the usual foundation for an action when the life 
unexpectedly drops. 

I think the notes here taken, must be considered as representing the premium, and, so long as 
one or more of them be current on the dropping of the life, I think they must be held to be liable, 
that a binding contract is in existence between them and the insured. 

If the dishonour of the first note necessarily avoids the policy, why should the second note bind 
the maker to pay ? There would be no consideration for payment except on the ground that the 
giving the second note was to support the risk up to the dishonour of the first note. 

I cannot hold here that the fact of the first note for part of the premium being dishonoured, 
necessarily avoids the whole contract under the circumstances in evidence in this case. It is declared 
to remain a binding contract for payment — so far to the first note. In the MeGeaehie case there was 
no existing contract of any kind in force at the death. I do not desire to go beyond the principle 
there laid down, or to apply it to this claim, and I therefore hold them still, bound by the insurance. 

Three days after the death, Mr. Reid, the payee of the notes, notices the death, and adds signifi- 
Tantly that his sudden call was an instance of the benefit of life insurance. 

If, as *now insisted, the insurance was at an end, the significance of this moralizing is much 
weakened in point and application. 

The defendants are protected from loss and reimbursed the cash amount of the first year's pre- 
mium, which ought to have been paid when policy was issued, by having the amount credited in the 
judgment against fheui. My learned brothers differ from me, and I candidly admit that I arrive at 
this conclusion with very considerable doubt and hesitation. 



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1 DEPARTMENT OF FINANCE — IN8URAN0K BRANCH. 

Burton, J. A. 

This case differs from the cases we have recently decided, inasmuch as we have before us the 
rather novel innovation of a policy without any conditions. I do not think, however, that that 
circumstance can affect the result, and that we must hold that the policy had ceased to be in force 
before the death of the assured. 

The policy professes to be in consideration of the representations contained in the application 
and of the apnual sum of $34.45 to be paid on the first day of April, in each year commencing on the 
1st of April, 1889, a day then passed. This, however, is explained by the fact that accom- 
panying the application was an agreement, inaccurately referred to as a promissory note, agreeing to 
pay to one Reid, an agent of the company, or his order, the said first premium by two equal instal- 
ments, one on the 29th June, the other on the 27th September. 

The company, when accepting the risk, agreed to accept the first premium on these terms. The 
policy thus took effect as a binding contract, and the question is, whether it was terminated before 
the death of the assnred. x 

But the agreement in question contained a provision signed by the applicant to the effect that if 
the said instalments should not be paid on those days respectively, the policy should be null and 
void, but that the said sums should nevertheless each be paid. 

Although it is usual to exact the first premium in advance, it is by no means unusual to extend 
the time for its payment and to receive it in half yearly or quarterly instalments. It is true that in 
most policies there is an express condition that the policy shall be void in the event of default in 
the payment of any instalment, but I apprehend such a condition is wholly unnecessary, the punctual 
payment of every part of the premium being a condition precedent to the liability of the company. 
Punctuality in payment is of the very essence of the business of life assurance ; if, therefore, any of 
the quarterly instalments remain unpaid, the forfeiture is absolute, unless there is something in the 
contract itself to dispense with it. When no such stipulation exists it is the well established under- 
standing that time is material, or, as it is sometimes expressed, of the essence, or, as it has been ably 
expressed in other words by an eminent judee, thus : "An essential feature of this scheme is the 
mathematical calculations on which the premiums and amounts assured are based, not the relation 
between the annual premiums and the risk of assurance for that year/' It is an entire contract for 
assurance for life (or, as in this case, for a period of 25 years), and as he expresses it : ' 4 The annual 
premiums are an annuity the present value of which is calculated to correspond with the present 
value of the amount insured, a reasonable percentage being added to the premiums to cover expenses 
and contingencies. The whole premiums are balanced against the whole insurance." 

I take it to be clear therefore, that without any express forfeiture clause if this premium, by the 
terms of the policy, had been payable by quarterly instalments, a default in the payment of any of 
them even for a day, would have released the company from payment, and no court could relieve 
against it. 

In the present case the applicant delivered to the company this agreement which they accepted 
consenting to postpone the payment but on the express condition that if not punctually paid in terms 
of that agreement it should be no payment. Why should that part of the agreement which bound 
the company be held to be binding if not the rest ? 

It is to my mind a confusion of terms to speak of a forfeiture in this connection. The policy 
was to cease to be binding if the premium was not paid, it has not been paid — or which is the same 
thing an instalment has not been paid. 

Nothing turns upon the alleged agreement refered to in the judgment of the learned trial judge 
as to the cancellation of the policy : if necessary to consider that point I should have agreed with 
him that it was never completed. I am, however, very clearly of opinion that default having been 
made in payment of an instalment of the premium as agreed to, the policy had ceased to be binding 
before the death of the assured. 

The learned judge followed the decision in the Queen's Bench which has since the judgment 
been reversed in this court. I think for the reasons we have given we must grant the appeal and 
dismisss the action. 

Osler, J. A. 

The policy in this case is a policy without conditions as that expression is generally understood 
in reference to an insurance contract. There is no condition, stipulation, or proviso, either in the 
body of the policy or referred to therein expressly avoiding it if the premiums are not paid at the day 
named or if a note taken for the premium is not paid .when due, nor indeed is anything said therein 
as to the case of a note being taken for the premium. This distinguishes it in this respect from the 
McGeaehie and Gordon cases recently before us. Upon the true construction of the terms of the 
policy, I am of opinion that it is made a condition of its coming into existence as a binding contract 
with the applicant and of its continuance as such that the first and successive premiums shall, as to 
the first, be paid before it comes into force, and as to the latter, shall be paid at the day stipulated 
for payment in each successive year. We are concerned only with the first premium. Its payment 
is not admitted or acknowledged on the face of the policy, which though delivered to the applicant 
was so delivered with a notice endorsed thereon that it was not binding until the first premium was 
paid. The company may so deal with the applicant as to show that the risk was intended to com- 
mence before the actual payment of the first premium. They may give credit for it, or accept a note 
for it, or other undertaking, payable at a future time, either in satisfaction of the premium or as an 
extension of the time for payment. In the case at the Bar I think the evidence supports the finding 
of the trial judge that the company accepted as payment of the first premium the two agreements 



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REPORT OP THE SUPERINTENDENT. 11 

(notes as they have been called, though they are not really notes, being payable only on condition of 
the acceptance of the proposal by the issue of the policy) bearing date the 28th March, 1889, one 
for the payment of half the premium at the expiration of 90 days and the other for payment of 
the balance at 180 days after that date. Looking at the fact that the receipt for the premium was 
withheld I should myself have been disposed to hold that there was nothing more than an extension 
of time. But it seems to me that it makes no difference in point of law how the transaction is looked 
at. Either way the company had come upon the risk and unless there be some stipulation or condi- 
tion avoiding the policy for non-payment of the sum according to the terms of the instrument repre- 
senting the premium as there was in the policies in question in the recent cases above referred to, the 
remedy of the company is confined to the securities they have accepted, they having waived their right to 
payment in cash. These instruments each contain the following stipulation " And it is understood and 
agreed that if this note is not paid at maturity the policy shall be null and void but this note is never- 
theless to be paid ". The first " note " fell due on the 29th June, but was not paid, and it remained 
unpaid at the death viz. : — on the 19th July. The case turns entirely upon the effect to be given this 
agreement and whatever difficulty there is in its application arises from the fact of its not being found 
in the policy itself as it was in the McOeachie and Gordon cases and in Thompson v*. Knickerbocker 
Ins. Co. S> Big. Ins. Cas. 8.104 (Otto) U. 8. 252 : Mutual Benefit Co. vs. French, 4 Big. Ins. Cas- 
369, and in appeal 30 Ohio St. 240. But can that make a real difference ? The agreement is a colla- 
teral one it ia true, but is founded on a valuable consideration and it is binding upon and enforceable 
against the plaintiff. He is compelled to resort to it in order to show that the premium was paid 
and that the policy was in force and the defendants are in my opinion entitled to say that if it was 
paid it was so only on the terms and subject to the provisions of the agreement. I think the effect 
of the agreement is that if the payment is not made as stipulated for, the Dolicy ceases to be in force 
unless the plaintiff is able to show that the defendants have waived the default and elected to keep 
the policy on foot. There is here no evidence whatever to justify suoh a finding in favor of the plain- 
tiff. In the Court below the case was tested on the ground, following the decision of the Queen's 
Bench Division in the McGeachie case, that the company was bound to prove that they had elected 
in the life time of the deceased to avoid the policy but that decision has now been reversed in this 
Court, and the judgment reversing it governs the present case. 

If, as I hold, the agreement of the 28th March, 1889, controls or regulates the right of the plaintiff 
when default has been made in payment according to its terms, I cannot agree that any duty was 
laid upon the defendants to present the note for payment when due. 

It was for the insured to seek out his creditors and pay thein and the consequences of his default 
in doing so were by the terms of the agreement defined. They were no more bound to present the 
note to him for payment in order to avail themselves of the agreement than they would be to demand 
payment of subsequently accruiug premiums before they could treat the policy as avoided by their 
non-payment, supposing that the policy had contained the usual condition to that effect. The case of 
French r*. Mutual Benefit Life Insurance Company 4 Big. Insurance Cas. 369 was relied upon by the 
respondent. That case was affirmed on appeal in 30 Ohio St., R. 240, but the appellate Court 
pointedly refrained from adopting the opinion of the Court below on this point, viz. , that a demand 
of payment was necessary. I can see no analogy between such a case as this and that of a proviso 
for forfeiture of a term for non-payment of rent where at common law the landlord was obliged to 
make the demand of the tenant on the land in order to avail himself of the proviso. The case of 
rent was peculiar and the rule did not extend to forfeitures for breaches or other covenants in the 
lease. 

I refer also to Roehner vs. Knickerbocker, 4 Daly 512. 63 N. Y., 160 : Pendelton r*. Same, 112 
Lmted States, 696. v - 

I am unable to see how the fact of the time for the payment of the other half of the premium 
under the second agreement had not arrived at the date of the death can make a difference. The 
question is what is the effect of default having been made in the first. If the agreement in the first 
is valid the existence of the other can hardly control it. The case appears to me to be precisely the 
same as if there had been but one note or agreement payable by two instalments with a clause of 
forfeiture of non-payment of either. 

I agree in allowing the appeal. 

McLennan, J. A. 

The policy sued upon in this case is an instrument under seal dated the 9th of April, 1889, and 
contains no special conditions, either in the body of it or incorporated by endorsement. Appended 
to it are a number of paragraphs called privileges and endorsed thereon is a notice, but these things 
form no part of the contract. The policy insures the life of F. D. Cox in the sum of $1,000, and binds 
the company to pay that sum to the assured or to his assigns on the 1st of April 1914, or, if he 
should die before that date to his legal representatives within sixty days after the receipt of notice 
*n<1 proof of the death. This obligation is expressed to be in consideration, among other things, of 
the sum of $34.53 to be to the company duly paid on the 1st of April, 1889, as a premium for 12 
calendar months, and of the payment of a like amount on tlie first day of April next, and yearly 
thereafter on the same date in every year during the continuance of the policy or until 25 full 
premiums shall have been paid. 

The first question that arises is the construction of the policy. It is a covenant to pay money 
at the end of 25 years or within sixty days after the date of death of the covenantee in considera- 
tion of $34.53 to be paid on the 1st of April, 1889, as a premium for 12 calendar months, etc., and it 
is a unilateral covenant contained in a deed without any obligation on the covenantee to pay the 
K ef ninms. It is clear therefore that the payment of the premiums which are the consideration for 



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Hi DEPARTMENT OF FINANCE — IN8URANCE BRANCH. 

the defendant's covenant, is a condition precedent and the plaintiff cannot recover without averring 
and proving that the payments were duly made or some sufficient legal excuse for the omission : 
Pordage r*. Cole, I Wms. Saunders 551, 552: Leake on contracts, 564-5. One of the rules of con- 
struction in such cases is that "when a day is appointed for the payment of money, &c.,and the day 
is to happen after the thing which is the consideration of the money, &c, is to be performed no 
action can be maintained for the money, &c, l)efore performance." It is true that in this case the 
day named for the first payment is the first of April, while the convenant itself is dated the ninth 
day of April and therefore strict compliance with the exact language of the policy was impossible. 
To make the language sensible the word '• first" must be rejected and then the payment would be 
to be made in the month of April. The words are " to be duly paid " indicating not a payment which 
had already been made, but one which was to be made in the future. 

Therefore to entitle the plaintiff to succeed, he must prove payment of the sum of $34.53 or some- 
thing equivalent to it, at latest before the end of the month of April, 1889. It is admitted that 
the actual money was not paid, and what the plaintiff does is to show that before the policy issued 
tyie company received in lieu of payment the two papers called notes, dated the 28th of March, 1889. 
The question then arises what is the effect of that. These papers at first sight look like promissory 
notes and perhaps were intended to be such, but the promise to pay being conditional upon the 
acceptance by the company of the proposal for insurance, it is clear that they are not negotiable 
promissory notes, but were agreements between the assured and the agent of the company, Mr. Reid. 
The plaintiffs case is that the company accepted these agreements in lieu of payment of the first 
premium and the evidence shows that they did so. They are instruments expressed to be for valuable 
consideration and the company having accepted them and having delivered the policy they became 
binding as agreements, collateral to the policy. The effect was that the risk upon the policy attached : 
the company gave the assured an extension of time for payment and the latter became bound to pay- 
the premium at the time mentioned in the agreements. Each agreement, however, contained a 
provision that if payment was not made at maturity the ]>olicy would }>e void. Unfortunately the 
assured did not pay the first sum at maturity and he was in default at the time of his death on the 
19th of July. Without the agreement the plaintiff has no case and he cannot rely upon it without* 
being bound by all its terms, one of which in the events which have happened is fatal to him. I think 
he cannot be heard to say that the policy did not cease to operate or that the company's liability did 
not cease by reason of the non-payment of the first note when it became due on the 26th of June. 

I do not think it was necessary for the company to make any election whether they would treat 
the policy as subsisting or otherwise after default. By the very terms of the agreement the extension 
of time for payment of the premium was limited and when that time had expired without payment 
being made the assured was in the position of a person who had not paid the premium called for by 
the policy and who had not performed the condition precedent to the company's liability. Nor am 
I able with great respect to adopt the opinion of the learned Chief Justice that it makes any difference 
that at the time of the death the second agreement was still current. It is like the case of a note 
payable by instalments and default made in the first payment. I see no reason why the parties should 
not have agreed as they did here that the liability ot the company should come to an end on default 
in paying the first note or any instalment, or why they should not be lxmnd accordingly. The com- 
pany was, in my opinion, under risk until the first payment became due, and if that had been paid 
the risk would have continued until the day appointed for the second payment and its continuance 
after that would have depended on whether it was paid or not. 

For these reasons I think the company's liability came to an end on the twenty -six day of June, 
and that the action should have been dismissed. 

I therefore think with great respect that the appeal should be allowed. 

The fact that three cases arising out of unpaid promissory notes given for pre- 
miums have arisen within so short a space of time indicates, to some extent the amount 
of business done upon the system which the learned Chief Justice has styled looso 
and unbusinesslike. There can be little doubt that an inordinate desire for now busi- 
ness and the keen competition at present existing have been largely instrumental in 
increasing the amount of business done upon the note system. It seems manifest 
that in the interest of the existing policy-holders of a company, a note should not be 
accepted as the consideration for the issue of a new policy, unless there is almost 
an" absolute certainty that such note will bo paid at maturity. 



In the following: case, which was tried before the Judge of the County Court of 
the County of York the defendant company set up in their pleadings the defence of 
fraudulent and untrue statements in the plaintiffs application, which formed the 
basis of the contract sued on. The plaintiff denied all fraud and fraudulent repre- 
sentations and alleged that the untrue statements relied on by the company were 
fraudulently inserted in the application by the agent of the company, through 



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REPORT OF THE SUPERINTENDENT. Hii 

whom the same was taken. The company also set up as a defence, want of 
insurable interest in the plaintiff. The case came up for trial in December, 1892 , but 
was adjourned until March, 1893. At the trial the company abandoned the defence 
of fraud and relied on the other defence pleaded. In April, 1893, Judge Morgan 
delivered the following judgment : — 

McCallum vs. Metropolitan Life. 

The defendants are an American company doing business in Canada j I found on the evidence, 
that the life insured under the policy sued was a young man under the age of 21 years, living with 
his mother, the plaintiff, who effected the issurance on his life for her own benefit ; that he had 
assisted his mother in the business carried on by. her ; that the services performed by him were 
valuable to the plaintiff, and such as she could not perform herself ; and that in return for such ser- 
vices the plaintiff gave him his board and lodging, and clothes and 50 cents per week for pocket 
money. On these facts, I think, the plaintiff had an insurable interest in the life insured, and there- 
fore, and also by force of the statute of Ontario, 1892, chap. 39, sec. 35, subsec. (5 and also 7, 1 give 
judgment for the plaintiff for $200 with interest thereon from 18th January, 1892. 

The Ontario statute, 55 Vic, cap. 39, section 85, referred to in Judge Morgan's 

judgment is as follows: 

" In respect of insurances heretofore or hereafter effected on the lives of persons under twenty - 
one years of age, where such insurance has been effected by a parent upon the life of his child, such 
insurance shall not be deemed to be invalid by reason ouly of the parent's want of pecuniary 
interest in the life of the child." 



The report of the following case which is an interesting and instructive one, is 
taken from 23 Ontario reports, page 73. 

(queen's bench division.) 

Pott* et al. vs. Temperance and General Life Asnurance Company of North America. 

This was an action brought by the executors of the Reverend Thomas Wesley Jeffrey, deceased, 
to set aside the surrender of a policy of insurance on his life for $5,000, on the ground that this 
surrender had been obtained through fraud and fraudulent representation ; and for payment of the 
amount of the policy. 

The policy was issued on the 17th November, 1887. In March, 1890, the insured was obliged to 
retire almost entirely from the discharge of his pastoral duties through heart disease. In April of 
that year the defendants' manager was aware that the insured was in ill- health ; the medical evidence 
was to the effect that this was apparent ; but there was no evidence to show that the manager had 
any special knowledge of his condition or any knowledge of it which it was not reasonable to suppose 
the insured also had. The insured applied to the manager several times in order to effect a favourable 
surrender of the policy, and was told that it had no surrender value, which was true. The policy 
had been assigned as collateral security to a mortgage held by one W. 8. Lee, and the manager 
ultimately offered to recommend payment of this mortgage, amounting to $530, and a cash payment 
of $250, alleging that the only ground upon which the defendants would purchase the policy was the 
badness of the risk. These terms were agreed to both by the defendants' committee and by the 
insured. Before the arrangement was carried out, Mr. Lee remonstrated whith the insured on making 
such a bargain, and offered to advance him any money which he needed. The insured, however, 
persisted, and on the 29th December, 1890, the surrender was completed. Premiums to the extent 
in all of $415.75 had been paid on the policy by the insured, who died on the 2nd March, 1891. 

The action was tried at the Autumn Sittings of this Court at Toronto, before McMahon J. , and 
a jury. The trial judge at the close of the plaintiffs case held that there was no evidence to go to 
the jury, and dismissed the action. At the Michaelmas Sittings of . the Divisional Court, 1892, the 
plaintiffs moved to enter judgment for them, or for a new trial, on the grounds that the case should 
have been submitted to the jury, there being sufficient evidence to warrant the jury in finding that 
the surrender was fraudulent ami void ; that the case ought not tb have been withdrawn from the 
jury ; and that the judgment of the learned judge was contrary to law and evidence. The motion 
was argued before Armour, C. J., and Falconbridge and Street, JJ., on the 7th December, 1892. 
On December 24th, 1892, the judgment of the court was delivered by 

Armour, C. J. :— 

It was contended that, because contracts for insurance are said to be vhirrima* jidei, a contract 
for the purchase and sale of a policy was also uhtrrimae fidti ; but this contention is not maintainable. 
The rules which govern the purchase and sale of policies of insurance are the same which govern the 
purchase and sale of any other species of personal property. It was next contended that the insured 
▼as at the time of the transaction under the delusion that he would live a long time, and that the 
defendants permitted him to remain under that delusion, knowing that he could not recover, and that 

• 



Hv DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

this was such fraud as avoided the transaction, and Hill v. Gray, 1 Stark 434 was cited in support of 
this contention. The case of Hill v. Gray has, however, been explained by Keates v. Cadogan, 10 C. 
B. 591, as having proceeded on the ground of conduct amounting to aggressive deceit on the part of 
the agent of the seller, and is referred to in Peek v. Ourney L. R. 6 ILL. 377. 

In Smith v. Huyhies, L. R. 6, Q. B. 597, Mr. Justice Blackburn said ; " I agree that even if the 
vendor was aware that the purchaser thought that the article possessed that quality, and would not 
have entered into the contract unless he had so thought, still the purchaser is bound, unless the ven- 
dor was guilty of some fraud or deceit upon him, and that a mere abstinence from disabusing the pur- 
chaser of that impression is not fraud or deceit ; for, whatever may be the case in a court of morals, 
there is no legal obligation on the vendor to inform the purchaser that he is under a mistake, not 
induced by the act of the vendor. " 

It will thus be seen that Hill v. Gray, as reported, is not sustained by later authorities. Assu- 
ming then that, in this case the insured was under the delusion that he would live a long time — an 
assumption which it is very difficult to find warrant for in the evidence — it is quite clear that the defen- 
dants neither said nor did any thins to induce such delusion or to encourage it. The only evidence that 
the insured was under any such delusion was the encouragement given to him by Dr. Graham, of 
which it is not shown that the defendants had any knowledge, and the conversation which was had 
by the insured with the defendants' manager ana Mr. Bell, in which he stated that he was going to 
disappoint everybody and live a long time, and that he was good for twenty years ; but this conver- 
sation took place after he had received the cheque, and the transaction, so far as he was concerned, 
had been completed. 

See Thompson v. Lambert, 2 Ir. R. Eq. 433. 

It was also contended that the statement made by the defendants' manager to the insured that 
" he would recommend what had been proposed, $250 for him, and that that wad the best he could 
recommend to the committee " was evidence of fraud to go to the jury. But there is no evidence to 
show that the statement that that was the best he could recommend to the committee was not 
made in good faith or that the defendants or their committee were prepared to give more, or that 
they were prepared to act in the matter at all, except upon the recommendation of their manager ; 
and it does not even appear that the manager would have been willing to recommend anything more, 
had what he proposed not been accepted by the insured. * 

In Vernonw. Kzyn, 12 East 632, Lord Ellenborough, C. J., said: " Can it be contended that an 
action might be maintained against a man for representing that he would not give upon a treaty of pur- 
chase, beyond a certain sum ; when it could be proved that he had paid he would give much more 
than that sum ? " ' 

In support of this contention, however, the case of Jones v. Keene, 2 Moo. & R. 348, was cited ; but 
in that case there was active concealment and aggressive deceit ; the purchaser in that case applied 
to the seller ; in this case the seller applied to the purchaser ; in that case the purchaser knew that 
the insured was alarmingly ill, and was in imminent danger, and that the seller was not aware of it ; 
in this case both purchaser and seller knew of the condition of the insured ; in that case the^ seller 
asked the purchaser what was the value of the policy, and the purchaser, although having the 
knowledge that he had put a very low value upon it ; in this case both seller and purchaser were upon 
an equal footing. No doubt, as the result was in this case, the defendants made a good bargain, out 
the making of a good bargain is not of itself any evidence of fraud. 

We see no evidence whatever in this case that ought properly to have been submitted to the 
jury in support of the fraud and fraudulent concealment relied on, and we think that the learned 
judge was right, and that this motion must be dismissed with costs. 

It is satisfactory to note that both the trial Judge and the Divisional Court were 
of the opinion that there was no evidence to submit to the jury in support of the 
charge of fraud and fraudulent concealment made against the company. 



CHANGES OF NAME. 

By Dominion Act assented to April 1st, 1893, the name of the Manufacturers' 
Accident Insurance Company was changed to the Manufacturers' Guarantee and 
Accident Insurance Company. 

Notice has been received of the following additional changes in the names 
of licensed companies: (a) That on the third day of April, 1893, in pur- 
suance of the provisions of the Statutes of the Commonwealth of Massachusetts 
in that behalf the name of the Association previously known as the Massachusetts 
Benefit Association was changed to the Massachusetts Benefit Life Association. (6) 
That on the eleventh day of April, 1893, by special resolution under the English 

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EEPOBT Or THE SUPERINTENDENT. lv 

Companies' Act and with the authority of the Board of Trade the name of the com- 
pany previously known as the Fire Insurance Association (Limited), was changed 
to the Albion Fire Insurance Association (Limited), (c) That on the 25 th of May, 1893, 
by virtue of an Act of the Imperial Parliament known as the Guardian Assurance Com- 
pany's Act, 1893, the style of the company previously known as the Guardian Fire 
and Life Assurance Company was changed to the Guardian Fire and Life Assurance 
Company (Limited.) 



LEGISLATION. 

The following provisions regarding affidavits an 1 statutory 'declarations are ex* 
tracted from the Canada Evidence Act % 1893, which went into force on the 1st of 
July, 1893. 

STATUTORY DECLARATIONS. 

26. Any judge, notary public, justice of the peace, police or stipendiary magistrate, recorder, 
mayor, commissioner authorized to take affidavits to be used either in the Provincial or Dominion 
courts, or any other functionary authorized by law to administer an oath in any matter, may receive 
the solemn declaration of any person voluntarily making the same before him, in the form in the 
Schedule A to this Act, in attestation of the execution of any writing, deed or instrument, or of the 
truth of any fact, or of any account rendered in writing. 

27. Any affidavit, affirmation or declaration required by any insurance company authorized by 
law to do business in Canada, in regard ,to any loss of, or injury to, person, property or life insured 
or assured therein, may be taken before any commissioner or other person authorized to take affi- 
davits, or before any justice of the peace, or before any notary public for any province of Canada ; 
and such officer is hereby required to take such affidavit, affirmation or declaration. 



SCHEDULE A. 

I, A. B., do solemnly declare that {state the fact or fact* declared to), and I make this solemn 
declaration conscientiously believing it to be true, and knowing that it is of the same force and effect 
as if made under oath, and by virtue of the Canada Evidence Act, 1S93. 

Declared before me \ 

at this day of A.D. 18 ./ 



The number of Acts relating to insurance companies passed by the Dominion 
Parliament in the session of 1893, 56 Victoria, was unusually large. The list is 
given below : 

1. An Act to incorporate the Dominion Burglary Insurance Company. (This 
company has received a license.) 

2. An Act to amend the Act to incorporate the Manufacturers' Accident Insur- 
ance Company and to change its name to the Manufacturer^ Guarantee and Accident 
Insurance Company. This Aot authorizes the company upon compliance with its 
provisions to cafry on the business of Guarantee insurance in addition to its Acci- 
dent busiuess. A license to carry on the Guarantee business has not yet been 
applied for. 

3. Ad Act respecting the Canada Life Assurance Company. 

This Act enlarges the company's power as to investments and holding real 
estate. 

4. An Act to revive and amend the Act to incorporate the Equity Insurance 
Company and to change the name of the company to the St. Lawrence Insurance 



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lvi DEPARTMENT OF FINANCE — INBUBANOE BRANCH. 

Company. The Act revived by this Act was passed in 1887, with power to carry on 
the business of 6 re and inland marine insurance. No license baa beta yet applied 
for by the revived company. 

5. An Act to incorporate the Canadian Order of Woodmen of the World. The 
order has been registered as an assessment life insurance company. 

6. An Act to incorporate the Ocean Guarantee Company. 
No license has yet been applied for. 

7. An Act to incorporate the Ocean Accident Company. 
No license has yet been applied for. 

8. An Act respecting the British America Assurauce Company. 

The Act changes the names of the principal officers from Governor and Deputy- 
Governor to President and Vice-President and contains other provisions not neces- 
sary to refer to. 

9. An Act to incorporate the Grand Council of the Catholic Mutual Benefit 
Association. 

The Act constitutes the Association an Assessment Life Insurance Company. 
A certificate of registration undor the Insurance Act has not yet been applied for. 

10. An Act to incorporate the Canadian Live Stock Insurance Association. 
No license has yet been applied for. 



In the report for 1891 there was printed commencing at page lv. so much of 
the Insurance Corporations Act, 1892 (Ontario) as affects companies licensed or 
registered under the authority of the Insurance Act (Canada). At the session of 
1893 of the Ontario Legislature said Act was amended. The amendments so far as 
companies operating under Dominion licenses or conducting their business under 
the authority of said Insurance Act are qoncerned, are the following : — 

Hkr Majesty, by and with the advice and consent of the Legislative Assembly of the Province 
of Ontario, enacts as follows : — 

1. — (1) This Act shall be read and construed as one with The Insurance Corporation* 1 Act, 1892. 
hereinafter called "The Principal Act." 

(3) The expression " insurance fund "or •' insurance funds " shall not be deemed to iuclnde any 
fund or funds of a trade or labour union or organization appropriated to or applicable for the volun- 
tary assistance of wage-earners unemployed or upon strike. 

(4) *' Endowment insurance" includes any contract of insurance which contains an undertaking 
to pay an ascertained or ascertainable sum at a fixed future date, provided the assured is then alive. 

7. Section 12 of The Act to secure to Wive* and Children the Benefit of Life Insurance is amended 
by adding the following as subsection 2 : — 

(2) Where it appears upon the letters of guardianship or other like document issued or to be 
issued by a court beyond the jurisdiction of the province, or by a certificate of the judge under the 
seal of such court, that it has been shown to the satisfaction of such court that the deceased at his 
death was domiciled or resident within its jurisdiction, and where security to the satisfaction of the 
court has been given by the guardian or other like officer appointed by the said letters or document, 
then the High C'-ourt, upon application for the appointment of the said guardian or like officer 
as trustee under this section, may dispense with the giving of security, provided it has been also 
shown that the infants reside within the jurisdiction of the foreign court, and that the proposed 
trustee is a fit and proper person, ai}d that the security has, in accordance with the practice of such 
foreign court, been given in respect of and for the due application and account of the money payable 
under the policy. 

S.--(l) Subsection 1 of section 6 of the last-mentioned Act as the sa?ne is amended by section 
6 of the Act passed iu the 53rd year of Her Majesty's reign and chaptered 30, is amended by inserting 
after the words ** one or more of them," in the sixth line thereof, the following words : " or to the 
mother of the assured as a beneficiary or sole beneficiary " ; and the said section is further amended 
by adding at the end thereof the following words : "or for the benefit of any one or more of the 
above-mentioned persons for life, and, after his or their decease, for the benefit of any one or more of 
the survivors." 



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REPORT OF THE SUPERINTENDENT. lvii 

(2) Section 5 of the said Act is amended by striking out in the fifth and sixth lines thereof the 
following words : " and may as in the said section provided, vary the apportionment." 
10. The Principal Act is amended as 'follows : — 

(I) .Subsection 8 of section 2 is amended by adding thereto the following proviso : — 

" Provided that when the subject matter of the contract is property or an insurable interest 
within the jurisdiction of Ontario, or is a person domiciled or resident therein, any policy, 
certificate, interim receipt, or writing evidencing the contract shall, if signed, countersigned, 
issued or delivered over in Ontario, be deemed to evidence a contract made therein, and the 
contract shall be construed according to the law thereof ; and this proviso shall have effect 
notwithstanding any agreement, condition or stipulation to the contrary." 

(f>) Section 6 is amended by adding thereto subsection 4 and 5 and 6 as follows : — 

" (4) Corporations, companies or insurers within the intent of sections 3 (a), 49 (4), or 32 of The . 
Insurance Act of Canada, may, upon due application, be admitted to registry. 

" (5) Upon due application of any underwriter of the establishment or society known as Lloyd's, 
and more particularly described in an Act passed by the Parliament of the United Kingdom 
in the thirty-fourth and thirty-fifth years of Her Majesty's reign, and chaptered 21, or upon 
due application of any such underwriter's broker, or broker's agent, the said establishment 
or society may for the undertaking and transaction of marine insurance be registered under 
the general name of Lloyd's, which shall include the corporation, all underwriters of Lloyd's 
for the time being and their brokers, and the agents in Ontario, of the corporation or of the 
underwriters or brokers. In any action or proceeding against the corporation, or against 
any underwriter, or broker, or agent as aforesaid, for liabilities incurred in Ontario the 
Inspector of Insurance may receive and accept service of process ; and acceptance of service 
in writing under his hand shall to all intents and purposes whatsoever be legal and binding 
upon the corporation, underwriter, broker or agent. 

" (6) For the purposes of this and the next preceding subsection the term of annual registry 
shall commence and end at the respective dates hereinafter prescril>ed in the case of insur- 
ance licensees of the Dominion of Canada. " 

(8) Subsection 1 of section 25 of the Principal Act is amended by striking out the word 
" Registrar " wherever it occurs and substituting therefor the words " Kegistry Officer," the said 
subsection is further amended by inserting after "purpose " in the third line the words " is insol- 
vent, or is on the verge of insolvency. " 

(10) Sub-sectfon 2 of section 34 is amended by inserting, in the second line after the words 
" ehown in," the wofds " or deduced from "; also, by striking out in the third line the word " table,*' 
and inserting in lieu thereof the word " tables." 

(II) Section 35 (5) is amended by adding thereto the following proviso : — 

*' Provided that, instead of printing the matter required by this subsection, the company may 
with the consent in writing of the Inspector of Insurance print or stamp the following words 
in lieu thereof : — * Any insurance undertaken or offered to be undertaken in the Province of 
Ontario in respect of the lives of children under ten years of age is subject to the restrictions 
enacted bv subsections 1 to 5 (inclusive) of section 35 of The Insurance Corporation* Acts, 
1802. 

(12) Section 35 is further amended by adding thereto subsections 8 and 9 as follows : — 

(8) Where the money payable by way of premiums, dues or assessments, not being the initial 

premiums, dues or assessments, under any contract of life insurance whatsoever is in default, 

and the event upon the happening of which the insurance money becomes payable has not 

yet happened any of the persons hereinafter mentioned may within thirty (lays after the 

default post by registered letter, or otherwise pay, deliver or tender to the company at its 

head office, or at its chief agency in Ontario, or to the company's collector or authorized 

agent the sum in default, and also a further sum by way of fiue if the contract of insurance 

by express terms so requires, such fine however in no case to exceed the rate of five cents per 

week per $1,000 of insurance for each complete week elapsed since the default, and not more 

in any case than at the rate of twenty cents per $1,000 for the whole period of default. On 

payment, delivery or tender, as aforesaid by the assured, or by any of the beneficiaries under 

the contract, the contract shall be deemed to have been ipso facto revived or renewed, and 

any stipulation or agreement to the contrary shall as against the assured or his beneficiaries 

be utterly void. The thirty davs hereinbefore mentioned shall run concurrently with, the 

period of grace or credit (if any) allowed by the insurer for the payment of a premium or of 

an instalment of premium ; and nothing herein contained shall be deemed to extend the 

period of grace or credit beyond the total of thirty days. This sub-section shall not be 

deemed to extend the time allowed for the payment of contributions or assessments by 

section 40 of this Act. 

19.) Notwithstanding any stipulation or agreement to the contrary, any action or proceeding 

against the insurer for the recovery of any claim under or by virtue of a contract of life insurance 

niaj be commenced at any time within the term of one year next after the happening of the event 

insured against ; or within the further term of six months, by leave of a judge of a high court, upon 

it* being shown to his satisfaction that there was a reasonable excuse for not commencing the action . 

or proceeding, within the first mentioned term. 

(13) Section 38 (8) is amended by adding thereto the following proviso : 

" Provided that in the case of railways (including therein other common carriers) desiring their 
ticket -agents to issue, in behalf of a registered insurance corporation, life or accident 
insurance contracts for terms not exceeding thirty-one days, the railway may upon due 



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lviii DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

application be admitted to registry for purposes of such contracts only ; and shall in respect 
of such registry pay to the Provincial Treasurer such commuted fee as the Iuspector of 
Insurance shall in writing under his hand certify to the Provincial Treasurer to be in his 
opinion just and reasonable ; the ticket-agents of the registered railway shall, but only for 
purposes of the said contracts, be deemed to be severally registered within the meaning of 
this Act for the term of the certificate of registry issued to the railway." 

(16) Section 62 is amended by inserting after sub-division 2 of Division II. The following 
proviso : 

" Provided that in the case of corporations, companies, insurers or underwriters undertaking or 
transacting ocean marine insurance only, and also in case of corporations, companies, 
insurers and underwriters within the intent of sections 3 (a) or 49 (4) or 32 of The Insurance 
Act of Canada found admissible to registry under this Act, the fee for certificate of registry 
whether original or re/iewed, shall be $10. 



LOSSES OUTSTANDING. 

Under this beading it seems desirable to make a few observations for the infor- 
mation of those officers of licensed companies whose duty it is to prepare the annual 
statements for this department. Observation has proved that the requirements of 
the Insurance Act are not fully understood, or if understood, are disregarded, and 
as a consequence, the statutory returns are frequently found to be inaccurate, and per- 
haps in no particular are there greater inaccuracies than are to be found regarding 
the losses outstanding at the close of the companies 1 year. The inaccuracies are 
principally of two kinds, firstly, claims for losses which have occurred before the 
close of the year, and which should have been reported, are frequently omitted 
from the statement altogether, and such reasons as the followingnre assigned for such 
omission, viz., that such losses were not reported to the company until after the close of 
the year, or that although they were reported and claims made therefor, such claims 
were not looked upon as valid claims, wore not recognized or admitted as liabilities, 
and were therefore disregarded in the companies' statement. Such reasons are 
wholly insufficient. The mere fact that a loss had not been reported, or was not 
known to a company at the close of the year, but which loss at the time the state- 
ment was prepared and sent to the department was known to have existed at such 
close, affords but a poor excuse for asserting that it did not exist. Again, it is not 
permissible for a company to disregard a claim for a loss, upon the ground that the 
company looked upon the claim as invalid. The statute in schedule A defines the 
liabilities of a life company, which are to be reported, and amongst them are included 
" Claims for death losses and matured endowments and annuity claims due and 
unpaid or in process of adjustment, or adjusted but not due, or resisted" In like 
manner schedule B, includes among the liabilities of a fire company which are to be 
reported, " Amount of claims for losses resisted by the company, distinguishing those 
in suit/' the plain meaning of which is, that every claim for a loss should be reported, 
even though the company may have a good legal defence to an action therefor. To 
adopt any other course would in effect constitute the officers of the companies judges 
and enable tbem by denying liability for all existing claims, to present a report show- 
ing no outstanding losses, and that at a time when every claim might prove valid, not- 
withstanding the companies denial of such validity. 

Secondly, claims for losses which s Would be reported as resisted, in 6uit, or 
resisted, not in suit, are not infrequently reported as unadjusted but not resisted. A 
plausible explanation of such an inaccuracy is rarely found, but one sometimes 
offered is, that at the close of the year the company had not decided to resist the claim. 
Such an excuse is wholly inadequate. The statute allows two months within which 



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I . 



BEP0RT OF THE SUPERINTENDENT. ilX 

to obtain full and accurate information regarding all such Matters, and the Superin- 
tendent trusts that in the future there will be found fewer inaccuracies of the kind 
mentioned than there have been in the past. It may be added that every such inac- 
curacy, if discovered, is corrected in the full report. 

I have the honour to be, sir, 

Tour obedient servant, 

W. FITZGERALD, 

Superintendent of Insurance. 



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ABSTRACT 

OF STATEMENTS MADE BY COMPANIES LICENSED TO DO BUSINESS 

OF FIRE OE INLAND MARINE INSURANCE IN CANADA, 

FOR THE YEAR 1892, IN ACCORDANCE 

WITH THE INSURANCE ACT. 



GENERAL TABLES. 

ASSETS OF ALL COMPANIES, EIRE AND MARINE. 

LIABILITIES OF ALL COMPANIES, FIRE AND MARINE. 

INCOME AND EXPENDITURE OF ALL COMPANIES, FIRE AND MARINE. 

PERCENTAGE OF LOSSES TO PREMIUMS, &c, &o. 



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Ixxii 



DEPARTMENT 07 FINANCE—INSURANCE BRANCH. 



Summary of Premiums received for Fire Insurance in Canada by all Com- 
panies, for the years 1869 to 1892, inclu sive. 



T 



Canadian Companies. 



British America . 
Canada Agricultural. 
Canada Fire 

Citizens' 

Dominion 

Eastern 

*London Mutual Fire . 

Mercantile 

National Fire 

Ottawa Agricultural . . . 

Provincial 

Quebec 

Royal Canadian 

tSovereign 

Stadacona 

Western 



Britith Companies. 



Alliance 

Atlas 

Caledonian 

City of London 

Commercial Union 

Employers' Liability 

Fire Insurance Association 

^Glasgow and London 

Guardian 

Imperial 

Lancashire 

Liverpool, London and Globe 
London and Lancashire . . . . 

London Assurance 

Manchester 

National of Ireland 

North British 

Northern . . 

Norwich Union 

Phipnix, of London 

Queen 

Royal 

Scottish Commercial 

Scottish Imperial 

Scottish Union and National. . 

Sun Fire Office 

Union Society 

United Fire 



American Companies. 



JEtnA 

Agricultural of Watertown. 

Andes 

Connecticut 

Hartford 

Home . 



Totals 

for 1869 to 

1891. 



Premiums 
received, 1892. 



3,924,105 
454,896 
881,333 

2,834,626 
190,242 
247,079 

2,277,728 



* 

172,414 



22,335 



284,026 
194,861 
1,434,350 
1,775,528 
3,533,410 
1,055,4M 
490,488 
6,510,540 



190,663 

128,513 

98,5S5 



111,578 
4,613 



26,088,616 



256,672 

867,761 

1,531,430 

4,823,347 

278,603 

1,243,401 

1,619,733 

2,071,205 

3*036,871 

3,466,890 

4,868,807 

1,236,107 

1,510,394 

149,370 

577,571 

6,377,004 

2,489,608 

968, 706 

3,972,211 

4,354.694 

9,889,002 

343,421 

672,855 

867,919 



323,340 



Totals 

for 1869 to 

1892. 



1,062,041 



172,368 
92,890 

112,084 
50,824 

357,747 
76,958 

105,216 



230,617 
201,177 
285,920 
312,472 
190,308 
104,206 
121,229 
90,476 
380,393 
170,128 
118,399 
250,285 



4,096,519 

454,896 

881,333 

2,856,961 

190,242 

437,742 

2,406,241 

98,585 

284,026 

194,861 

1,434,350 

1,887,106 

3,538,023 

1,055,404 

490,488 

6,833,880 



27,140,657 



567,387 



82,658 
ias,802 



137,817 
37,131 
104,398 j 
173,044 . 



172,368 

349,562 

979,845 

1,588,254 

5,181,094 

355,561 

1,348,617 

1,619,733 

2,307,822 

3,838,048 

3,752,810 

5,181,279 

1,426,415 

1,614,000 

270,605 

668,047 

6,757,397 

2,659,736 

1,087,165 

4,222,496 

4,354,694 

10,456,989 

343,421 

672,855 

1,005,736 

37,131 

187,056 

356,906 



58,340,768 

2,928,268 

1,079,187 

31,431 

215,561 

2,351,998 



4,455,474 

139,084 
61,923 



62,796,242 

3,067,352 

1,141,110 

31,431 

248,615 

2,496,481 




Insurance Company of North America. 

Phenix, of Brooklyn 

Phomix, of Hartford 

Queen, of America 



1,004,812 



130,712 
764,907 
387,726 
813,881 



8,582,215 



RECAPITULATION. 



Canadian Companies.. 
British do 

American do 



Grand totals. . 



26,088,616 

58,340,768 

7,577,403 



92,006,787 



1,052,041 
4,455,474 
1,004,812 



6,512,327 



27,140,657 

62,796,242 

8,582,215 



98,519,114 



# Formerly the Agricultural Mutual, t Formerly the Isolated Kisk. J Not including $124,272 for 
reinsurance of risks of the Sovereign Fire Insurance Co. 



ABSTRACT OF 8TAT3CMBNT8. 



lxxiii 



Summary of Losses paid for Fire Insurance in Canada by all Companies for the 
years 1869 to 1892, inclusive. 



— 


Totals 

for 1869 to 

1891. 


Losses paid, 
1892. 


Totals 

for 1869 to 

1892. 


Canadian Companies. 

British America 

Canada Agricultural 

Canada Fire 

Citizens' 


S 

2,408,145 
290,101 
698,133 

2,258,637 
148,255 
108,659 

1,660,284 

287J32* 

108,164 

957,146 

1,531,137 

2,980,644 

736,216 

773,695 

3,742,657 


3 

148,511 


9 

2,556,656 
290,101 


28;52i* 


698,133 
2,287,158 


Dominion 


148,255 


Eastern 

*London Mutual Fire 


119,835 
96,262 
82,370 

81*974" 

8,306 

""'226,446' 


228,494 
1,756,546 


Mercantile 


82,370 


National Fire 


287,732 


Ottawa Agricultural 

Provincial 

Quebec 

Royal Canadian 

tSovereign 


108,164 

957,146 

1,6L3,111 

2,988,950 

736,216 


St&dacona '. . . . . 


773,695 


Western 


3,969,097 


British Companies. 


18,689,605 


792,219 


19,481,824 


Alliance 




115,399 
53,611 
59,888 
42,937 

289,795 
51,649 
90,724 

193i029" 

93,039 

173,592 

202,829 

106,277 

47,823 

79,519 

61,713 

240,402 

101,738 

74,582' 

135,335 

361,616" 

H038' 

7,717 

47,227 

153,670 


115,399 


Caledonian 


1C6,134 

578,162 

934.518 

3,404,249 

150,729 

843,615 

1,167,345 

1,727,445 

2,538,997 

2,453,651 

3,647,633 

606,200 

911,475 

54,225 

391,228 

4,656,555 

2,078,967 

521,276 

2,302,618 

3,325,321 

6,495,567 

177,329 

483,408 

352,265 


219,745 
638,050 




977,455 


Commercial Union 


3,694,044 


Fire Insurance Association 

Guardian 

Lancashire 


202,378 
934,339 
1,167,345 
1,920,474 
2,632,036 
2,627,243 
3,850,462 


London and Lancashire 

Manchester 

North British 

Norwich Union 


712,47- 
959,298 
133,744 
452,941 
4,806,957 
2,180,705 
595,858 


Phoenix, of London 

Queen 

Royal 


2.437,953 
£325,321 
6,857,183 


Scottish Commercial 


177,329 




483,408 


Scottish Union and National 


446,303 




7,717 


Union Society . 


34,400 
79,965 


81,627 
233,635 




40,083,277 

2,184,433 

629,558 

5,668 

91,889 

m 1,493,279 

60,691 

32,970 

420,932 

82,820 

7,994 


2,878,149 


42,961,426 


.Etna 

Agricultural of Watertown.. s 


105,379 
47,990 

15,990* ' 

72,716 


2,289,812 
677,548 


Andes 

Connecticut Fire 

Hartford 

Hume .• 


5,668 

107,879 

1,565,995 

60,691 


Insurance Company of North America 


31,075 

73,286 

169,316 

191,150 


64,045 


Phenix, of Brooklyn 

Queen, of America. 


494,218 
252,136 
199,144 


i 


5,010,234 


706,902 


5,717,136 


RECAPITULATION. 




18,689,605 

40,083,277 

5,010,234 


792,219 

2,878,149 

706,902 


19,481,824 


British no 

American do 


42,961,426 
5,717,136 


Grand Totals 


63,783,116 


4,377,270 


68,160,386 



* Formerly the Agricultural Mutual. 



t Formerly the Isolated Risk. 



Digitized by VjOOQIC 



lxxiv DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

Summary of Fire Insurance in Canada for the Years 1H69 to 1892, inclusive. 



Year. 



Net 



Amount of 



Amount 



Cash Premiums Poli ?°> : t * kcn **»S*«tdrte| Lo^ Paid , 



Received. 



during 
each Year. 



of 
Statement. 



Canadian Companies. 



1869.. 
1870.. 
1871. . . 
1872. . . 
1873. . 
1874. . . 
1875. . . 
1876. . . 
1877. . 
1878. . . 
1879. . . 
1880. . . 
1881. . . 

1882. . 

1883. . 

1884. . 
1885. . . 
1886.. 
1887... 
1888. . 



1890. 
1891. 
1892. 



Totals. 



British Companies. 



1869.. 

1870. . 

1871. . 

1872. . 

1873. 

1874. . 

1875. . 

1876. . 

1877.. 

1878.. 

1879. . 

1880.. 

1881.. 

1882. 

1883.. 

1884. 

1885.. 

1886.. 

1887. 

1888.. 

1889.. 

1890.. 

1891. . 

1892., 



Totals 

American Companies. 



I860.. 
1870. . 
1871.. 
1872. . 



Carried forward.. 



501,362 
536,600 
707,418 
796,847 
842,896 
1,453,781 
1,646,654 
1,881,641 
1,622,955 
1,161,896 
1,102,822 
1,190,029 
1,206,470 
1,033,433 
1,091,801 
1,140,428 
1,107,879 
1,107,710 
1,121,435 
1,131,991 
1,173,948 
1,249,884 
1,278,736 
1,052,041 



27,140,657 



1.119,011 
1,185,398 
1,299,846 
1,499,620 
1,773,2(55 
1,809,473 
1,683,715 
1,597,410 
1,927,220 
1,994,940 
1,899,154 
2,048,408 
2,353,258 
2,908,458 
3,178,850 
3,472,119 
3,376,401 
3,429,012 
3,693,992 
3,859,282 
3,970,632 
*,072,133 
4,189,171 
4,455,474 



41,090,604 
54,637,315 
68,921,494 
76,499,542 
71,775,952 
126,588,965 
168,896,111 
198,509,113 
168,935,723 
127,288,165 
124,652,727 
131,079,789 
140,331,153 
124,123,715 
122,302,460 
118,747,547 
111,162,914 
114,543,80(5 
109,206,925 
120,lf.8,592 
122,9(55,987 
135,145,294 
135,943,674 
112,566.1(55 



59,340,916 
59,523,641* 
68,465,914* 
72,203,784* I 
91,032,187* 
126,705,337* 
190,284,543 ' ! 
231,834,162 
217,745,048 . 
171,430,720 I 
158,824,631 
154,403,173 : 
153,43(5,408 . 
152,564,079 : 
149,930,173 ! 
147,968,945 
143,759,390 
142,685,145 
154,165,902 
159,070,684 
158,883,612 ; 
178,691,762 
177,785,359 
148,557 131 



2,826,073.732 



120,747,515 
131,570,928 
148,147,966 
174,361,395 
172,531,126 
177,346,240 
166,953,268 
178,725,453 
206,713,932 
213,127,414 
213,131,25)5 
227,537,306 
271,044,719 
321,466,183 
350,993,028 
354,458,616 
337,216,878 
349,109,117 
377,690,654 
376,540,072 
403,297,656 
427,931,692 
411,748,053 
466,900,791 



115,222,003 
120,903,017 
132,731,241 
145,700,486 
147,602,019 
155,088,455 
154,835,931 
153,885,268 
184,304,318 
202,702,743 
208,265,359 
229,745,985 
277,721,299 
339,520,054 
380,613,572 
413,441,198 
421,205,014 
393,166,340 
424,314,264 
434,941,955 
468,379,580 
474,884,419 
497,550,395 
549,223,123 



62,796.242 6,579,291,297 



165,166* 
194,781 
314,452 
332,243 



9,702,356* 
12,893,827* 
27,367,712* 
26,526,334* 



1,006,642 | 76,490,229 



13,796,890* 
11,167,928* 
27,256,629* 
33,818,670 



$ 

276,116 
453,414 
414,339 
510,469 
487.649 
662,470 
1,082,20(5 
1,599,048 
2,186,162 
828,069 
687,353 
701,639 
1,336,758 
733,843 
760,430 
762,737 
597,189 
739,364 
764,321 
750,448 
678,752 
736,095 
940.734 
792,219 



19,481,824 



579,416 
1,024,362 

922,400 
1,136,167 

967,316 
1,120,106 
1,299,612 
1,168,858 
5,718,305 

880,571 
1,275,540 

855,423 
1,669,405 
1,768,444 
1,992,671 
2,290,588 
1,895,175 
2,338,164 
2,335.034 
2,094,465 
1,968,537 
2,229,556 
2,558,162 
2,878,149 

12,961,426 



172,188 
147,061 
212,460 
263,339 



795,048 



Digitized by 



Google 



I 

ABSTRACT OF STATEMENTS. 

Summary of Fire Insurance in Canada, &c. — Concluded. 



Ixxv 



Year. 



y fc Amount of 

Cash Premium* Poli SlS£ ken 



Amount 

at Risk at date 

of 

Statement. 



Losses Paid. 



I 



Brought forward/- ... . 
American* Companies— Concluded. 



1873. 


1874 


wr> . . 


187fi 


1*77 


1878 


1879 ... 


1880 


1881 


1882. .. 


1883 


1884 


1885. 


188<> 


1887 


1888 


1889.... 


1890 ..... .. . ...... 


18511 


1892 



1,006,642 



352,255 
259,049 
264,395 
228,955 
213,830 
211,594 
225,512 
241,140 
267,388 
287,815 
&54,090 
367,581 
368,180 
395,613 
429,075 
445,990 
443,436 
514,054 
700,809 
1,004,812 



S 

76,490,229 



26,788,850 
25,243,769 
17,&57.605 
23,914,181 
21,013,457 
19,432,178 
22,920,397 
25,434,766 
30,040,366 

i>2, 454,518 
40,284,814 
40,777,215 
37,623,116 
42,099,984 
45,859,509 
44,881,343 
46,518,461 
57,646,959 
75,726,695 
107,708,732 



795,048 



Total*. . 



8,582,215 



860,217,144 



40,120,629 


227,219 


25,050,427 


143,583 


19,300,555 


181,713 


18,8*8,750 


99,389 


18,293,315 


586,452 


35,766,238 


114,034 


40,267,995 


182,305 


27,414,113 


109,516 


31,053,261 


163,661 


34,772,345 


162,699 


41,720,296 


167,127 


44,097,646 


191,998 


46,830,075 


186,923 


50,921,537 


223,860 


56,287,171 


304,159 


56,722,420 


228,909 


57,275,186 


228,922 


67,103,440 


300,916 


84,266,437 


411,801 


123,629,818 


706,902 



5,717,136 



TOTALS FOR ALL THE YEARS FROM 1869 TO 1892, INCLUSIVE. 



Canadian Companies 

British Companies 

American Companies ". 


27,140,C57 

62,796,242 

8,582,215 


2,826,073,732 

6,579,291,297 

860,217,144 




19,481,824 

42,961,426 

5,717,136 


Grand totals 


98,519,114 


10,265,582,173 


• 


68,160,386 



* These returns are imperfect. 



Digitized by 



Google 



Ixxvi 



DEPARTMENT OF PIIfANGI — INSURANCE BRANCH. 



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Ixxviii 



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Ixxxii 



DEPARTMENT OP FINANCE — INSURANCE BRANCH. 



Table III. — Showing the Assets in Canada of British and American Com- 

BRITISH COMPANIES 



Companies. 



Commenced 
Business in Canada. 



Real Estate. 



Loans 

on 

Real Estate. 



| Stocks, "Bonds 

and 

Debentures. 



Alliance fist March, 1892 

Atlas 7th March, 1887 .... 

British and Foreign Marine 10th May, 1888 

Caledonian February, 1883 

Commercial Union 11th September, 1863. . 

Employers' Liability i lltlj June, 1886 

Fire Insurance Association December, 1880 

Guardian list May, 1869 

Imperial 1864 



London Assurance 1st March, 1862 . 

Manchester 20th May, 1890 . 

National of Ireland 2nd April, 1883 . 

North British 1862 

Northern 1867 



Norwich Union 1st April, 1880 . 

Phopnix, of London |1804 



Royal 1851 

Scottish Union and National l February, 1882 . 

Sun Fire 3rd June, 1892. . . 



Lancashire j July, 1864 

Liverpool and London and Globe . . . [4th June, 1851 

London and Lancashire 1st April, 1880 



Union Society November, 1890. 

United Fire 30th December, 1890 . . 



Totals . 



8 cts. 

None. 
None. 
None. 

None. 

None. 
None. 

None. 

100,000 00 I 
377,178 17 ! 

None. 
88,000 00 ; 

None. 

None. 
None. 

None. 
90,000 00 
None. 

None. 

None. 

245,000 00 
None. 
None, 

None. 
None. 

900,178 17 



3 cts. i 

None. 
None. 
None. 

None. 

None. 
None. 

None. 

None. 
None. 

None. 
885,600 00 

None. 

None. 
None. 

None. 
878,467 00 
None. 

None. 

None. 

None. 
375,000 00 
None. 

None. 
None. 



$ cts. 

311,142 00 
109,402 71 
112,000 00 

117,801 96 

245,542 80 
108,721 33 

106,000 00 

178,107 88 
197,440 67 

200,953 32 
386,092 00- 

131,400 00 

170,340 00 
105,266 00 

106,170 66 

2,062,289 67 

211,700 00 

105,000 00 

201,020 93 

700,245 34 
113,642 60 
305,870 00 

100,000 00 
216,367 87 



2,139,067 00 I 6,602,517 74 



i 



AMERICAN 



iEtna Fire 1821 I 

Agricultural, of Watertown 1st October, 1878. ... 

Connecticut Fire 1886 

| I 

Hartford ;1836 ! 

Insurance Co. of North America 1 1st November, 1889 . . . 

Phenix, of Brooklyn list May, 1874 

Ph.enix. of Hartford 20th May, 1890 : 

Queen, of America. !2nd November, 1891 ... I 



Totals. 



None. 
None. 
None. 

None. 
None. 
None. 
None. 
None. 

None. 



None. 
None. 
None. 

None. 
None. 
None. 
None. 
None. 



121,400 00 
156,276 00 
105,000 00 

118,566 40 
112,200 00 
115,000 00 
151,989 25 
281,450 00 



None. | 1,161,881 65 



Digitized by 



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ABSTRACT OF 8TATE.UENT8. 



Ixxxiii 



panies doing business of Fire or Inland Marine Insurance in Canada. 

ASSETS IN CANADA— 1803. 



Loans 

on 

Collaterals. 



I Balances I 
pnd Bills Re-j 
I ceivable. ! 



Cash Interest 

on hand and due 

in Banks, and accrued. 



$ cts.l 

None. 
None. 
None. , 
I 
None. 

None. , 
None. i 

None. 

None. 
>one. 

None. 
5,946 05 

None. 

None. 
None. 

None. 

241,000 00 

None. 

None. 

None. 

19,808 07 

None. 

None. 

None. 
None. 

n 



Other Assets! 



[ 



$ cts. 

23,426 77 
1,087 33 
4,968 24 

10,540 80 

36,639 21 
8,193 52 

10,302 60 

37,183 52 
16,553 05 

17,056 24 
20,256 55 



6,831 17 
5,308 41 

7,397 51 
40,870 84 
13,632 45 

8,999 63 

None. 

37,207 99 
6,049 65 
9,674 10 

6,605 55 
18,475 88 



8 cts. 

22,368 74 
12,648 85 
None. 

2,321 73 

10,871 34 
5,869 79 



13,131 37 
17,230 23 

22,454 91 
98,422 20 



1,612 13 ' 
15,360 32 

8,258 24 

45,080 08 | 

3,801 58 ! 

44,259 66 ] 

N*ne. I 

8,787 50 • 
None. i 
5,135 53 ' 

2,527 99 
5,800 92 



$ cts. 1 

None. I 
None. 
Noire. | 

None. I 

None. 
None. 



841 21 I None. 



None. 
None. 

1,282 22 
12,106 13 



5,091 22 74,343 64 None. 



None. 
None. 

None. 
40,828 50 
None. 

None. 

1,543 95 

None. 
None. 
None. 

None. 
None. 



I 



8 cts. 

None. 
2,441 12 
None. 

4,400 00 

5,000 00 
400 00 



Total 
Asset* in 
Canada. 



8 ctsJ 

i 

356,937 51 ' 
125,580 01 
116,968 24 

1S5,064 49 

298,053 35 
123,184 64 



Nature of Business. 



2,600 00 ' 119,743 81 



5,881 16 « 
4,715 16 

5,000 00 I 
2,500 00 

None. 

None. 1 
3,500 00 

I 
2,687 73 ' 
2,500 00 
5,000 00 ! 

None. I 

None. ' 

8,435 65 , 
None. 
4,980 26 

3,295 85 
2,355 15 



334,303 93 
613,117 28 

246,746 69 
1,498,922 93 



Fire, 
do 
Inland Marine. 

Fire. 

do 

do Re-assurunce. 

do 

do 
do 

do 

do and Life. 



210,834 86 do 



266,754 12 j 352,352 23 421,127 96 55,760 80 65,692 08 



178,783 30 
129,434 73 

124,514 14 

3,401,036 09 

234,134 03 

158,259 29 

202,564 88 

1,019,484 55 
494,692 25 
325,659 89 

112,429 39 
242,999 82 



do and Life, 
do 

do 

do and Life. 

do 

do 

do 

do and Life. 

do 

do 

do 
do 



10,803,450 10 



I 



COMPANIES. 



None. 
None. 
None. 

None. 
None. 
None. 
None. 
None. 


14,535 28 

10,494 59 

3,555 06 

9,255 06 

None. 
17,507 58 
56,416 20 
21,838 79 


None. 1 
None. 
None. I 

None. j 
31.209 89 | 

N one. 
15,858 09 | 

8,708 46 | 


None. 
None. 
None. 

None. 
None. 
None. 
3.450 00 
None. 


None. 
None. 
None. 

None. 
None. 
None. 
7,148 20 
6,444 45 


135,935 28 
166,770 59 
108,555 06 

127,821 46 
143,409 89 
132,507 58 
234,861 74 
318,441 70 


Fire and Inland Marine, 
do 
do 

do 
do 
do 
do 
do 


None. 


133,602 56 


55,776 44 , 


3,450 00 


13,592 65 


1,368,303 30 





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Ixxxiv 



DEPARTMENT OF FINANCE — INSURANCE BRANCH. 



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ABSTRACT OF STATEMENTS. 



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lxxxvi 



DEPARTMENT OF FINANCE — INSURANCE BRANCH. 



Table V. — Showing the Cash Income and Expenditure of Canadian Com- 

Expenditure in Canada of British and 



INCOME (CASH). 



CANADIAN COMPANIES-INCOME 



Companies. 



British America 



Net Cash 

for 
Premiums. 



Citizens' 

Eastern 

London Mutual 

Mercantile 

Quebec 

Royal Canadian j 

Western , 2,139,825 19 



Interest 

and 

Dividends 

en 
Stockb, Ac. 



$ cts. 
782,395 26 

60,435 57 

190,662 58 I 

128,512 77 I 

98,585 07 I 

156,370 53 ! 

23,106 54 I 



Sundry. 



8 cts. $ cts. 
26,960 08 f 5,326 46 



6,995 87 
11,993 29 

3,663 63 

6,734 83 
10,218 22 

7,004 19 
44,200 30 



Total 3,579,803 51 117,770 41 



Total 
Cash Income. 



49,060 39 

None. 

1,296 13 ' 

None. 

1,610 00 I 

33 33 I 

25,965 10 I 



Received 

on 

Account of 

Capital Stock 

not 

included in 

Income. 



$ cts. 

814,681 80 

116,491 83 
202,655 87 I 
133,472 53 , 
105,319 90 
168,198 75 i 
30,144 06 ! 
2,209,990 59 I 



$ cts. 

None. 

None. 
None 



Nx>ne. 
None. 
None. 
100,000 00 



83,291 41 I 3,780,955 33 . 100,000 00 



BRITISH 



Alliance 

Atlas 

British and Foreign Marine . . . 

Caledonian 

*City of London 

Commercial Union 

Employers' Liability 

Fire Insurance Association .... 

Guardian 

Imperial 

Lancashire i 

Liverpool and London and Globe. , 

London and Lancashire 

London Assurance 

Manchester 

National of Ireland 

North Biitish I 

Northern 

Norwich Union ' 

Phoenix of London i 

Royal 

Scottish Union and National | 

Sun Fiie , 

Union Society 

United Fire , 



288,240 68 

92,890 41 

15,317 81 

112,083 82 

56,823 55 

357,747 00 

76,957 75 

105,216 36 

371,475 93 

201,177 31 

285,920 12 

312,472 43 

190,308 03 

105,498 04 

121,229 02 

90,475 58 

380,392 61 

170,127 59 

118,398 81 

250,285 12 

567,387 00 

137,817 08 

37,130 02 

104,397 71 

173,044 36 



Total I 4,722,814 74 



10,717 83 
3,747 33 

4,480 00 
5,559 64 
2,591 50 
9,506 90 
None. 
4,000 00 
5,333 38 
7,066 90 
7,841 98 

57,042 07 
7,440 27 
6,680 00 
3,732 39 
4,006 44 
117,322 46 ; 

12.580 33 
5,000 38 , 
8,104 23 

23,995 56 ! 

30,080 75 ! 

84 50 I 

2,957 30 , 

6,659 14 I 



None. ! 
None. i 
None. ! 
None. I 
202 27 • 
None. | 
None. j 
3,076 93 ' 
2,074 54 i 
7,171 25 , 
None. I 
2,802 73 I 
None. I 
None. | 
None. ! 
None. I 
4.606 77 ' 
None. 
None. 
None. 
3.561 30 
None. , 

13 42 
None. 

60 60 



346,531 28 



23,569 81 



298,958 51 . 

96,637 74 , 

19.797 81 !. 

117,643 46 , 

59,617 32 i . 
367,253 90 

76,957 75 ' . 

112,293 29 , . 

378,883 85 5. 

215,415 46 I . 

293,762 10 ,. 

372,317 23 . 

197,748 30 , 

112,178 04 i 
124,961 41 

94,482 02 , 

502,321 84 . 

182,707 92 ' . 
123,399 19 

258,389 35 ' 
594,943 86 

167,897 83 ! . 

37,228 54 | . 

107,355 01 ' 

179,764 10 |. 

5,092,915 83 | . 



AMERICAN 



JEtnaFire 

Agricultural ofWatertown 

Connecticut Fire 

Hartford 

Insurance Co. of North America 

Phenix, of Brooklyn 

Fhu^nix, of Hartford 

Queen, of America. 

Total 



144,250 18 6,180 00 



61,922 83 

33,054 02 

144,482 69 

54,885 30 

88,426 15 

211,875 71 

271,080 78 



6,545 25 
4,000 00 
8,319 68 
4,440 00 
None. 
6,824 50 
1,664 55 



None. 

483 06 
None. 
None. 
None. 
None. 
None. 
1,253 50 



-I- 



150,430 18 

68,951 14 

37,064 02 

152,802 37 

59,325 30 

88,426 15 

218,700 21 

273,998 83 



1,009,977 66 , 37,973 98 1,736 56 1,049,688 20 



* Six months' business to the 30th June, 1892. 



Digitized by VjOOQIC 



ABSTRACT OF STATEMENTS. 



lxxxvii 



panies doing Fire or Inland Marine Insurance, and the Cash Income and 
American Companies in those Branches. 

AXD EXPENDITURE, 1892. 









EXPENDITURE (CASH). 






Paid 
for Losses. 


General 
Expenses. 


Dividends 
or 

Bonus to 
Stock- 
holders. 


Total 
Cash Expen- 
diture. 


e Excess 
of Premiums 

over 
Losses Paid. 

d The Reverse. 


e Excess 

of Income 

over 

Expenditure. 

dThe Reverse. 


Nature 

of 
Business. 


$ cts. 

575,279 39 

103,254 64 
119,834 96 
%,261 67 
82,370 47 
120,713 69 
63,134 79 
1,293,972 19 


$ cts. 
284,097 41 

tl60,019 07 
62,995 59 
39,344 25 
35,230 80 
47,351 50 

+104,716 04 
707,239 85 


$ cts. 
34,828 50 

None. 

None. 

None. 

4,000 00 

9,862 00 
28,001 40 
51,680 33 


$ cts. 

894,205 30 

263,273 71 
182,830 55 
135,605 92 
121,601 27 
177,927 19 
195,852 23 
2,052,892 37 


$ cts. 

1 e 207,115 87 

d 42,819 07 
i e 70,827 62 
e 32,251 10 
e 16,214 60 
e 35,656 H4 
d 26,156 80 
e 845,853 00 


$ cts. 

d 79,523 50 

d 146,781 88 
e 19,825 32 
d 2,133 39 
d 16,281 37 
d 9,728 44 
d 165,708 17 
e 157,098 22 


Fire and Inland 

Marine. 
Fire and accident. 
Fire. 

do 

do 

do 

do Inl. and Qcean 

do Inl. and Ocean 


2,451,821 80 


1,440,994 51 


128,372 23 


4,024,188 54 el,138,943 16 


d 243,233 21 





COMPANIES. 



115,398 53 

53,611 39 

11,388 

59,887 

42,936 
289,794 

51,618 

90,723 
193,028 

93,038 
173,591 
202,829 
106,276 

47,823 

79,519 

61,713 
240,402 
101,738 

74,582 
135,335 
361,616 

H038 
7,716 

47,226 
155,670 



17 i 

56 | 

92 

79 

71 

54 

87 

98 

93 

02 

74 

24 

47 

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07 

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35 

29 

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56 

89 

02 



2,889,537 20 



97,067 01 
25,178 69 
3,186 71 
33,517 10 
21,876 44 

101,095 05 
22,517 02 
34,164 55 

135,296 78 
61,998 34 
70,595 61 
90,409 00 
49,984 43 
35,307 01 
38,246 78 
24 f 716 55 

111,027 71 
43,615 72 
30,553 94 
62,814 29 

147,586 29 
31,060 87 
24,493 12 
29,917 74 
52,075 16 



1,S78,30J. 91 



212,465 

78,790 

14,574 

93,404 

64,813 

390,889 

74,165 

124,888 

328,325 

155,037 

244,187 

293,238 

156,261 

83,130 

117,766 

86,429 

351,429 

145,354 

105,136 

198,149 

509,202 

125,099 

32,209 

77,144 

205,745 



54 ; e 

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32 

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172,842 

39,279 

3,929 

52,196 

13,886 

67,952 

25,309 

14,492 

178,447 

108,138 

112,328 

109,643 

84,031 

57,674 

41,709 

28,762 

139,990 

68,389 

43,816 

114,949 

205,770 

43,778 

29,414 

57,170 

19,374 



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17,847 66 

5,222 93 
24 f 238 80 

5,196 04 
28,635 94 

2,792 02 
12,594 80 
50,558 20 
60,378 14 
49,674 56 
79,079 21 
41,487 13 
29,047 79 

7,195 16 

8,052 17 
150,892 06 
37,353 85 
18,262 90 
00,239 77 
85,741 48 
42,798 54 

5,018 86 
30,210 38 
25,981 08 



Fire. 

1 do 

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IFire. 

I do 

1 do 

i do 

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1 do 

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do 

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e 825,076 72 



COMPANIES. 



105,378 66 36,962 51 



47,990 
15,990 
72,715 
31,075 
73,286 
169,316 
191,150 



15 
39 
& 
17 
13 
22 
23 



28,018 21 
13,409 85 
32,485 55 
17,951 26 
25,745 16 
83,506 68 
81,481 33 



7<«,902 79 319,562 55 



142,341 17 

76,008 36 

29,400 24 

105,201 39 

49,026 43 

99,031 29 

.i 252,824 90 

. i 272,681 56 

J 1,026,465 34 

I 



e 38,871 52 

e 13,932 68 

e 17,063 63 

e 71,766 85 

e 23,810 13 

c 15,140 02 

e 42,559 49 

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e 303,074 87 



c 


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d 

e 
e 
e 
d 
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7,653 78 
47,600 98 
10,298 87 
10,605 14 
34,124 69 
1,367 27 


e 


23,222 86 



Fire and Inland 

Marine. 
Fire 

do 

do 

do 

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do 

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+Including $142,332.39 for re-insuring outstanding Canadian fire risks. 
+Incldu>g $98,506.68 for re-insuring outstanding fire risks. 
4— Oh 



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DEPARTMENT OF FINANCE — INSURANCE BRANCH. 



Amounts of Life Insurance terminated in Canada in Natural Course or by 
Surrender and Lapse, during the Year 1892. 



Canadian Companies. 
Canacla Life (Canadian business). 

Confederation 

Dominion Life j 

Dominion Safety Fund I 

Federal I 

Great West | 

Manufacturers' Life 

North American (Canadian (General. .. 

business) \ Industrial. 

Ontario Mutual 

Sun (Canadian business) 

Temperance and General 



Totals for 1892 
Totals for 1891. 



Amount Terminated by 



*■*• ffil. ^nder. I-*"* 



$ 

748,164 

173,751 

4,000 

20,000 

110,270 

None. 

14,353 

12,949 

71,000 

82,859 

650 

96,000 

118,754 

33,000 



and Expiry. 



1,485,740 
1,190,805 



Increase, t— Decrease, d i 294,935 



British Companies. 

British 1 Empire. 

Commercial Union 

Edinburgh 

Life Association of Scotland 

Liverpool and London and Globe. 

London and Lancashire 

London Assurance 

North British 

Queen 

Kelianou 

Royal 

Scottish Amicable 

Scottish Provident 

Standard 

Star 



Totals for 1892 
Total* for 1891. 

Increase, i — Decrease, d 



37,868 
42,712 
20,119 
80,214 

3,276 
78,990 
None. 
73,038 

7,583 

9,315 
18,804 
11,188 

4,615 

204,328 

12,884 



9 

67,794 
80,737 

None. 

None. 

742,500 

None. 
3,733 

None. 
5,000 
17,271 

None. 
49,750 
45,516 

None. 



1,012,301 
1,014,113 



1,812 



604,939 
591,168 



21,100 
4,410 
None. 
• 2,722 
None. 

46,130 
None. 
None. 
None. 

2,105 
None. 
None. 
None. 

32,233 
None. 



108,700 
142,330 



* 

768,282 
330,584 

30,604 
None. 

7,750 
None. 

32,894 
None. 
121,540 
182,011 
375 
230,189 
439,604 

83,118 



$ 

1,254,402 

911,422 

204,500 

238,000 

1,317,425 

, 19,000 

196,905 

582,371 

861,700 

910,700 

103 

1,036,200 

1,295,191 

976,500 



2,226,951 
1,941,047 



285,904 



221,982 

None. 

3,648 

14,552 

562 

133,157 

None. 

13,165 

6,837- 

3,660 

1,006 

4,015 

None. 

190,043 

9,299 



9,804,419 
9,145,602 



658,817 



Total 
Surrender 
and Lapse. 



9 

2,022,684 

1,242.006 

235,104 

238,000 

1,325,175 

19,000 

229,799 

582,371 

983,240 

1,092,711 

478 

1,266,389 

1,734,795 

1,059,618 



12,031,370 
11,086,649 



944,721 



601,926 
533,388 



13,771 d 33,630 i 68,538 



230,529 
,7,717 
None. 

3,436 
None. 
442,357 
None. 

9,825 

1,000 
None. 

4,007 
None. 
None. 
421J17 
16,606 



1,136,894 
1,301,706 



Metropolitan 



American Companies. 

jEtna... 

Connecticut 

Equitable 

Germania 

/ General 

t Industrial 

Mutual Life 

National Life 

New York 

North Western 

Phoenix Mutual Life 

Provident Savings 

Travelers' 

Union Mutual 

United States 



Totals for 1892. 
Totals for 1891. 



204,540 

58,884 

227,181 

3,200 

1,904 

19,126 

157,585 

4,599 

321,915 

5,850 

35,918 

24,000 

72,306 

43,859 

5,000 

1,185,867 
1,072,126 



522,292 
23,356 
39,875 

None. 

None. 

None. 

6,058 

200 

59,111 

13,240 

66,562 

None. 
49,683 

154,059 

None. 

934,436 
878,523 



d 164,812 



186,486 

"'472,368' 

7.000 

10,000 

None. 

275,862 

4,000 

531,930 

834 

6,467 

None. 

106,546 

18,976 

5,650 

1,626,119 
1,350,391 



323,543 

03,125 

1,205,048 

90,667 

1,000 

766,946 

943,578 

None. 

1,283,445 

250 

13,500 

410,000 

27%993 

211,000 

1,610,590 

7,202,685 
5,358,034 



Increase, i— Decrease, d , % 113,741 | i 55,913 i 275,728 

i \ I 



1,844,651 



452,511 

7,717 

3,648 

17,988 

562 

575,514 

None. 

22,990 

7,837 

3,660 

5,013 

4,015 

None. 

611,460 

25,905 



1,738,820 
1,835,094 



d 96,274 



610,029 

63,125 

1,677,416 

97,667 

11,000 

766,946 

1,219,440 

4,000 

1,815,375 

1,084 

19,967 

410,000 

386,539 

229,976 

1,616,240 

8,828,804 
6,708.425 



i 2,120,379 



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ABSTRACT OF STATEMENTS. 



CU1 



Table showing the Liabilities in Canada of British and American Companies 
doing business of Life Insurance in Canada for the Year 1892. 



British Companies. 

British Empire. 

Commercial Union 

Edinburgh 

Tiife Association of Scotland . 
•Liverpool & London & Globe 

London and Lancashire 

'London Assurance 

'North British 

Queen 

Reliance 

•Royal -.... 

Scottish Amicable 

Scottish Provident 

Standard 

Star 

Totals 



American Companies. 



.'Etna Life 

Connecticut Mutual . . . 

Equitable. 

Germania 

Metropolitan 

Mutual Life i . 

National Life 

New York 

North-western 

Phcpnix Mutual Life . . 

Provident Savings 

Travelers' 

Union Mutual 

United States 



I 



whsr 



$ cts. 

6,000 00 

None. 
10,463 34 
43,776 31 

None. 
18,156 25 

None. 
7,620 77 

None. 

None. 
10,037 49 

486 67 

4,614 82 

30,212 46 

None. 



131,368 11 



17,003 00 

None. 

24,000 00 

2,000 00 

992 00 

1,083 00 

284 00 

21,039 57 

1,055 00 

4,110 00 

12,000 00 

66 00 

13,042 21 

11,000 00 



* cts. 

750,000 00 
209,534 33 
203,188 34 

1,047,951 83 
106,000 00 

1,143,497 52 

9,829 51 

597,000 00 

96,634 00 

100,000 00 

320,000 00 

117,286 67 

91,527 03 

3,164,735 00 
145,670 39 



8,101,854 12 



4,921,666 30 

900,000 00 

2,^00,000 00 

70,535 00 

83,260 00 

1,956,826 00 

75,605 05 

2,636,337 00 

131,338 00 

400,000 00 

17,000 00 

1,122,857 00 

773,488 00 

115,630 49 



Total 107,674 78 16,004,541 84 15,932 92 ! 16,128,149 54 d 2,042,313 78 



Sundry. 



9 cts. 

None. 

None. 
1,942 04 

None. 

None. 
3,091 65 

None. 
1,529 93 

None. 

None. 

None. 

None. 

None. 

None. 

None. 



6,563 62 



Total 

Liabilities, 

including Re- 



$ cts. 



756,000 
209,684 
215,593 

1,091,727 
105,000 

1,164,745 

9,829 

606,150 

96,634 

100,000 

330,037 

117,773 

96,141 

3,194,947 
145,670 



8,239,785 85 



6,466 84 

None. 
9,000 00 

None. 

None. 

None. 

None. 

None. 

None. 

None. 

None. 

None. 

466 08 

None. 



4,946,135 

900,000 

2,833,000 

72,535 

84,252 

1,957,909 

75,889 

2,657,376 

132,393 

404,110 

29,000 

1,122,923 

786,996 

126,630 



(e) Excess 

of Assets over 

Liabilities. 

(d) The Reverse. 



$ cts. 

938,742 15 
25,813 45 
38,511 32 

562,513 41 

"292,892 36' 



16,279 43 
16,137 53 



83,307 32 
1,837,539 22 
4,281,446 02 
1,482,538 12 



1,150,343 68 

800,000 00 

323,060 00 

11,444 83 

40,413 67 

130,874 70 

34,317 04 

266,494 49 

16,727 99 

267,387 22 

35,901 34 

177,519 52 

\ 189,472 10 

1,269 72 



* These Companies also do fire business ; for their total Assets and Liabilities in Canada, see pages 
lxxxii and lxxxiv. 



4-H| 



Digitized by 



Google 



01V 



DEPARTMENT OF FINANCE — INSURANCE BRANCH. 



Table showing the Cash Income of Canadian Companies doing Life Insurance 
and the Cash Income in Canada of British and American Companies in 
that Branch. 

INCOME (CASH) 1892. 



— 


Ne* 
Premium 
Income. 


Consideration 

for 

Annuities. 


Interest 

and 
Dividends 

on 
Stocks, &c. 


Sundry. 


Total 


Canadian Companies. 
Canada Life 


$ eta. 

1,708,997 96 

711,566 92 

30,191 18 

34,768 12 

241,795 74 

15,383 30 

105,469 03 

212,241 94 

368,021 73 

503,389 13 

957,919 76 

108,220 74 


$ cts. 

None. 

6,411 75 
None. 
None. 
None. 
None. 
None. 
None. 

840 05 
None. 

2,500 00 
None. 


$ cts. 

604,730 81 

148,496 26 

4,434 32 

2J74 16 

13,446 37 

1,499 27 

16,103 17 

18,038 89 

65,764 64 

111,562 13 

143,548 47 

8,360 35 


$ cts. 

18,909 73 
12,036 11 
None. 

192 52 
None. 
None. 
None. 
None. 
None. 
None. 
4,712 20 
None. 


$ cts. 
2,332,638 50 


Confederation 

Dominion Life 

Dominion Safety Fund 

Federal 

Great West 

London Life . 

Manufacturers' Life 


877,511 04 
34,625 50 
37,134 80 

255,242 11 
16,882 57 

121,572 20 

230,280 83 


North American 


434,626 42 


Ontario Mutual 

Sun 

Temperance and General 


614,951 26 

1,108,680 43 

116,581 09 


Totals 


4,997,965 55 


, 8,751 80 


1,138,158 84 


35,850 56 


6,180,726 75 


British Companies. 

British Empire 

Commercial Union 


223,349 75 

20,345 08 

9,878 79 

45,357 20 

8,047 40 

211,025 55 

791 51 

37,955 08 

6,352 59 

6,227 45 

18,787 96 

6,940 58 

2,494 63 

474,982 91 

16,277 84 


None. 
None. 
None. 
None. 
None. 

None. 
None. 
None. 
None. 
None. 
None. 
None. 
None. 
None. 
None. 


71,190 92 

2,720 35 

764 11 

8,425 58 

None. 

63,391 63 
None. 
None. 
2,548 63 
None. 
None. 

853 25 
75,698 06 
317,024 24 
None. 


4,670 50 
698 26 
None. 
None. 
None. 

£8 32 
None. 
None. 
None. 

272 41 
None. 
None. 
None. 
11,486 40 
None. 


299,211 17 
23,763 69 


Edinburgh Life 

Life Association of Scotland . 
Liverpool and London and 

( ilooe 

London and Lancashire. . . . 

London Assurance 

North British 

Queen 


10,642 90 
53,782 78 
7 8,W7 40 

274,515 50 

791 51 

37,955 08 

8,901 22- 


Reliance 


6,499 86 


Royal 

Scottish Amicable 

Scottish Provident 


18,787 96 

7,793 83 

78,192 69 


Standard 


803,493 55 


Star 


16,277 84 






Totals 


1,088,814 32 


None. 


542,616 77 


17.225 89 


1,648,656 98 


American Companies. 

iEtnaLife 

Connecticut Mutual 


633.535 36 
47,439 37 

703.536 96 
31,608 48 
59,761 49 

623,481 03 
2,387 97 

700,618 61 
18,420 77 
29,049 24 
67,903 13 

132,223 46 

125,141 83 
61,010 86 


None. 
None. 
None. 
None. 
None. 

6,889 70 
None. 

8,591 00 
None. 
None. 
None. 
None. 
None. 
None. 


None. 

None. 

97,780 00 
2,000 00 

None. 

70,200 00 

None. 

94,912 50 

None. 
5,307 90 
2,315 00 

38,204 28 

14,646 52 

None. 


10,666 85 
None. 
None. 
None. 
None. 
None. 
None. 
23,200 15 
None. 
None. 
None. 
62 50 
968 66 
None. 


644,202 21 
47,439 37 


Equitable 


801,316 96 


Germania 

Metropolitan 

Mutual Life 


33,608 48 

59,761 49 

700,570 73 


National Life 


2,387 97 


New York 

North-western 

Ph«enix Mutual Life 

Travelers' 

Union Mutual 


827,322 2ft 

18,420 77 

34,357 14 

70,218 13 

170,490 24 

140,757 01 


United States 


61,010 86 


Totals 


3,236,118 56 


15,480 70 


325,366 20 


34,898 16 


3,611,863 62 







Digitized by 



Google 



ABSTRACT OP 8TAT1MENT8. 



OV 



Table showing the Cash Expenditure of Canadian Companies doing Life 
Insurance, and the Cash Expenditure in Canada of British and American 
Companies in that Branch. 

EXPENDITURE (CASH) 1892. 



— 


Payments to 
Policy- 
holders. 


General 
Expenses. 


Dividends 
to Stock- 
holders. 


Total 
Expenditure. 


e Excess of 
Income over 
Expenditure. 

d The Reverse. 


Canadian Companies 

Canada Life 

Confederation 


$ Cts. 

1,063,647 44 

309,525 43 

5.297 81 

24,468 00 
142,462 66 

None. 

35,404 68 

55,012 17 
118,436 73 
216,337 35 
429,555 63 

37,892 32 


$ cts. 

304,448 17 

174,947 54 

14,581 53 

4,327 02 

71,795 96 

13,318 95 

40,53? 91 

79,497 23 

110,041 55 

106,967 97 

247,421 80 

42,615 67 


$ cts. 

25,000 00 
15,216 42 

None. 

None. 

None. 

None. 

2,355 78 

None. 

6,000 00 

None. 

8,437 50 

None. 


$ cts. 

1,393,095 61 

499,689 39 

19,879 34 

28,795 02 

214,258 61 

13,318 95 

78,298 37 

134,509 40 

234,478 28 

323,305 32 

685,414 93 

80,507 99 


$ cts. 

e 989,542 89 
e 377,821 65 
e 14,746 16 
e 8,339 78 
e 40,983 50 
e 3,563 62 


Dominion Life 

Dominion Safety Fund 
Federal 


Great West 


London Life 

Manufacturers' Life 


e 43,273 83 
e 95,771 43 


North American 

Ontario Mutual 


e 200,148 14 
e 291,645 94 


Surf 

Temperance and General 


e 423,2*>5 50 
e 36,073 10 


Totals 


2,438,040 22 


1,210,501 29 


57.009 70 


3,705,551 21 


e 2,475,175 54 




' ' 1 ' 


British Companies. 

British Empire 

Commercial Union 


52,263 48 

49,592 42 

8,563 36 

' 77,905 30 

4,771 28 
114,359 99 
None. 
78,202 91 

9,410 83 
11,891 78 
11,768 63 
13,140 00 

3,549 99 

212,527 74 

14,216 86 


46.298 08 

2,&39 14 

867 39 

3,119 10 

330 64 

52,933 61 

3 22 

5,368 40 

332 19 

385 60 

908 65 

68 13 

None* 

97,230 13 

2,239 05 




98,561 56 

51,931 56 

9,430 75 

81,024 40 

5,101 92 

167,293 60 

3 22 

83,571 31 

9,743 02 

12,277 38 

12,677 28 

13,208 13 

3,549 99 

309,757 87 

16,455 91 


e 200,649 61 
d 28,167 87 


Edinburgh Life 




e 1,212 15 
d 27,241 62 


Life Association of Scotland 


Liverpool and London and 

Globe 

London and Lancashire 

London Assurance 

North British 

Queen 

Reliance 




e 2,945 48 
e 107,221 90 
e 788 29 
d 45,616 23 
d 841 80 




d 5,777 52 


Roval 




e 6,110 68 


Scottish Amicable 

Scottish Provident 




d 5,414 30 
c 74,642 70 


Standard 

Star 


e 493,735 68 
d 178 07 


Totals 


662,164 57 


212,423 33 




874,587 90 


e 774,069 08 


American Companies. 
JEtnaLife 


762,396 31 
101,150 51 
361,633 91 


62,392 30 
None. 
101.115 98 




824,788 01 

101,150 51 

462,749 89 

14,206 68 

48,490 36 

310,757 92 

8,152 62 

754,324 24 

24,122 57 

72,260 27 

39,465 06 

181,260 21 

110,163 75 

39,850 00 


• 
d 180,586 40 


Connecticut Mutual 


d 53,711 14 


Equitable. 


e 338,567 07 


Germania 

Metropolitan 

Mutual Life 

National Life 


2,169 95 1 12,036 73 

25,585 41 22,904 95 

183,911 71 126,846 21 

8,136 00 16 62 

538,468 20 1 215,856 04 

23,953 79 168 7ft 




e 19,401 80 
e 11,271 13 
e 389,812 81 
d 5,764 65 


New York 

North-western 




c 72,998 02 
d 5,701 80 


Provident Savings. 


72,260 27 

17,233 31 

162,071 40 

86,955 53 

6,020 22 


None. 
22,231 75 
19,188 81 
23,208 22 
33,829 78 




d 37,903 13 
e 30,753 07 


Travelers'. 




d 10,769 97 


Union Mutual 

United States 


e 30,593 26 
e 21,160 86 






Totals 


2,351,946 52 


639,796 17 




2,991,742 69 


e 620,120 93 








Digitized by 



Google 



CV1 



DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

PAYMENTS TO POLICY-IIOLDEKS, 1892. 



Companies. 



Death 
Claims. 



Matured 
Endow- 
ments. 



Canadian Companies. 

Canada Life. 

Confederation 

Dominion Life 

Dominion Safety Fund . 

Federal 

Great West 

London Life 

Manufacturers' Life. . . . 

North American 

Ontario Mutual 

Sun 

Temperance and General 



$ cte.i $ cts. 



Paid 

to 
Annui- 
tants. 



Totals. 



British Companies. 

British Empire 

Commercial Union 

Edinburgh 

Life Association of Scot- 
land 

Liverpool and London 
and Globe 

London and Lancashire. 

London Assurance 

North British. 

Queeu 

Reliance 

Royal 

Scottish Amicable 

Scottish Provident. . . . 

Standard Life 

Star 

Totals. 



American Companies. 

JEtna Life 

Connecticut MutualLife 

Equitable 

Germania 

Metropolitan 

Mutual Life. 

National Life 

New York 

North-western 

Phcenix Mutual Life. . . 

Provident Savings 

Travelers' 

Union Mutual 

United States 

Totals 



717,055 91 

168,980 14 

5,000 00 

24,468 00 

101,834 91 

None. 

28,907 15 

51,631 97 

84,009 03 

100,200 00 

144,^34 38 

33,965 70 



1,460,887 19 



31,867 53 

45,145 10 

7,243 31 

60,610 67 

3,276 28 
90,031 25 
None. 
74,585 00 

7,583 39 

9,121 00 
11,405 95 
13,140 00 

3,549 99 

185,337 36 

12,884 24 



65,733 78 
17,737 00 

None. 

None. 

7,000 00 

None. 

3,733 33 

None. 
17,271 31 
16,250 00 
38,491 42 

None. 



166,216 84 



9,500 00 
4,409 67 
None. 

1,998 04 

None. 
20,379 66 
None. 
Non»\ 
None. 
2,115 00 
None. 
None. 
None. 
3,516 67 
None. 



555,781 07' 41,919 04 



206,524 

58,884 

225,105 

1,200 

21,029 

156,502 

6,449 

354,087 

5,850 

37,144 

12,000 

77,745 

48,954 

5,000 



$ cts. 

400 00 
29,994 49 

None. 

None. 

None. 

None. 

None. 

None. 
1,811 22 

None. 
1,753 56 

Nona 



Paid for 

Sur- 
rendered 
Policies. 



Dividends 
paid 
Policy- 
holders. 



$ cts. 

69,751 90 

27,024 65 

297 8l| 

None. 

l t 313 99' 

None. | 

866 70| 

3,380 20 1 

6,751 60' 

34,885 90, 

64,123 44 

3,926 62i 



Total 
paid to 
Policy- 
holders. 



$ cts. 

210,705 85' 
65,789 15' 

None. 

None. 
32,313 76 1 

None. 

1,897 50 

None. ! 

8,593 57 

65,001 45 

180.352 84 

None. 



$ cts. 

1,063,647 44 

309,525 43 

5,297 81 

24,468 00 
142,462 66 

None. 

35,404 68 

55,012 17 
118,436 73 
216,337 35 
429,555 63 

37,892 32 



Net 
Premium 
Income 
(including 
consider- 
ation for 
Annuities.) 



$ cts. 

1,708,997 96 

716,978 67 

30,191 18 

34,768 12 

241,795 74 

15,383 30 

105,469 03 

212,241 94 

368,861 78 

503,389 13 

960,419 76 

108,220 74 



33,969 26 212,322 81,564,654 12 2,438,040 22 5,006,717 35 



305 40 
37 65 
None. 

None. 

1,495 00 

None. 

None. 

None. 

None. 

None. 

221 95 

None. 

None. 
3,553 57 

123 40 



9,055 58 
None. 


i 
1,534 97 


52,263 48 


None. | 


49,592 42 


1,320 05 


None. , 


8,563 36 


3,992 24 


11,304 35J 


77,905 30 


None. 


Nonu. ! 


4,771 28 


3, 949 08 
None. 


None. 


114,359 99 


None. 1 


None. 


3,617 91 


None, i 


78,202 91 


1,427 39 


400 051 


9,410 83 


655 78 


None. | 


11,891 78 


140 73 


None, i 


11,768 63 


None. 


None, i 


13,140 00 


None. 


None. | 


3,549 99 


11,941 28 


8,178 86 


212,527 74 


1,209 22 


None. 


14,216 86 



.5,736-97! 37,309 26 



66 393,874 46 
00 23,356 00 
38,891 00 
None. 
None. 
1,057 57 
200 00 
61,208 68 
11,840 00 
27,976 00 
None. 
42,183 00 
30,092 21» 
None. 



1,216,476 12 630,679 00 



None. ! 

None. 
2,424 02 

None. 

None. I 
2.454 30 

None. 
8,094 28 

None. 

None. 

None. 

None. 

None. 

None. 



223,349 75 

20,345 08 

9,878 79 

45,357 20 

8,047 40 

211,025 55- 

791 51 

37,955 08 

6,352 59 

6,227 45 

18,787 96 

6,940 08 

2,494 63 

474,982 91 

16,277 84 



21,418 23J 662,164 57 1,088,814 32 



39,097 26 

None. 

76,140 96 

821 15' 

3,672 77 

13,820 00. 

1,487 00 

74,362 98 

36 55 

185 00i 

None* 

42,143 00 

6,(501 82i 

1,020 22 



i 

122,899 931 

18,910 51, 

19,072 931 

148 80 

882 89, 

10 t 077 44| 

None. I 

40,714 66 

6,227 24, 

6,955 271 

5,233 31 

None. 

1,307 11 

None. 



12,972 60 259,388 71 



232,430 09 



762,396 31 

101,150 51 

361,633 91 

2,169 95 

25,585 41 

183,911 71 

8,136 00 

538,468 20 

23,953 79 

72,260 27 

17,233 31 

162,071 40 

86,955 53 

6,U20 22 



633.535 36 
47,439 37 

703.536 96 
31,608 48 
59,761 49 

630,370 73 
2,387 97 

709,209 61 
18,420 77 
29,049 24 
67,903 13 

132,223 46 

125,141 83 
61,010 86 



2,351,5H6 52 3,251,599 26 



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ABSTBAOT OF STATEMENTS. 



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CVlli 



DEPARTMENT OF FINANCE — INSURANCE BRANCH. 



ASSESSMENT SYSTEM. 

Amounts of Life Insurance terminated in Natural Course or by Surrender 
and Lapse among Assessment Life Companies in Canada, during the 
Year 1892. 



Companies. 


Amount terminated by 


Total 


Death. 


Surrender,' ,'»»in»ted. 

Expiry 
or Lapse. 


Canadian Companies. 

Canadian Mutual Life (No Return) 

Commercial Travellers' Mutual Benefit Society 

Home Life Assurance 

Mutual Relief Society 

Provincial Provident Institution 


$ 

39,700 
14,000 
None. 
42,560 
44,000 


* 

24,828 

65,000 

68,000 

4,161,440 

612,000 


$ 

64,528* 

79,000 

68,000 

4,204,000 

656,000 


Totals for 1892 


140,260 


4,931,268 
2,564,301 


5,071,528 






Totals for 1891 


220,675 


2,784,976 


American Companies. 

Covenant Mutual 

Mutual Reserve Fund 


19,750 

168,200 

82,625 


901,625 
2,377,500 
1,090,350 i 


921,375 
2,545,700 


.Massachusetts Benefit Association 


1,172,975 






Totals for 1892 


270,575 


4,369,475 j 


4,640,050 


Totals for 1891 


158,000 


2,778,875 ! 

1 


2,936,875 


RECAPITULATION. 








Canadian Companies 

American Companies » 


140,200 
270,575 


4,931,268 - 
4,429,475 , 

9,360,743 1 

5,343,176 j 


5,071,528 
4,700,050 


Total for 1892 

Total for 1891 


410,835 
378,675 


9,771,578 
5,721,851 



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DEPARTMENT OF FINANCE— INSURANCE BRANCH. 



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ABSTRACT OF STATEMENTS. 

Abstract of Guarantee Business in Canada for the Year 1892. 



cxi 




American Surety 
Guarantee 



3,112 ! 432 507,600 432J 

I i I 

32,462 5,939,476 5,258,799 



London Guarantee and 
Accident 30,810, 



4,039 4,765,865 3,879| 4,415,105 



Totals. 



11,212,941, 10,181,504 



10,373 



20,871 



7,448 



3,900 12,000 



13,046 



3,900 24,200 



Abstract of Accident Business in Canada for the Year 1892. 



Accident 

Canada Accident. 
Citizens' , 



London Guarantee and 
Accident 

Manufacturers' Accident. 

Mutual Accident 

Norwich and London 

Sin 

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a . 

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25,017 
5,670 
5,306 

53,441 

I 

C7.267J 

23,018 

4,154 

26,187 

107,583 



Total* 317,643 



1,881 
931 



4,985 

3,206 

2,815 

336 



9 

3,806,400 

1,444,500 

483,450 

17,488,555 

7,905,833 

4,964,160 

826,000 



2,664 7,379,782 
7,546 14,788,099 



24,363. 59,086,779 



ll<3 



1,298 
4,620 
None. 

8,243 
3,961 

None. 
264 

None. 
5,207 

23,593 



I* 



•5 a 



* i 

3,061,40o| 

i 

10,064,704 

None. ' 

I 

16,875,811! 

8,261,834 

None. 

701,000 

None. 

12,422,003 



$ 

7,070 

13,723 

6,144 

27,708 
37,697 
10,836 
361 
16,272 
46,783 



51,386,752 166,594 



*S 



4 

5 



Unsettled. 
Claims. 






* $ 

10,999! 240 



4,947 
11,248 

19,041 
40,371 



6,676 
1,899 

6,917 
5,496 



1 



12,895 None. 
59 



11,963 
40,669 



152,485 



6,500 
7,814 



35,601 



8 

10,000 

5,000 

None. 

2,750 
None. 
None. 
None. 
None. 
None. 



17,750 



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CX11 



DEPARTMENT OF FINANCE — INSURANCE BRANCH. 



Abstract of Accident- and Guarantee Business done by Canadian Companies 
which do business outside of the Dominion of Canada. 

THE ACCIDENT INSURANCE COMPANY OF NORTH AFRICA. 





Premiums of the 
Year. 


1* 

fe 8 

•8* 


i'i 
•1* 

§1 

-3 


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Is 

55 


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7,070 
None 


§ 

3 

o 


Unsettled 
Claims. 








- 


i 

I 


In Canada 


25,017 
None. 


1,881 
None. 


$ 

3,806,400 
None. 


1,298 
None. 


3,061,400 
tsone. 


9 

10,999 
None. 


$ 

240 

None. 


10,000 


In other countries. . . 


6,000 


Totals 


25,017 


i 
1,881 i 3. 80(5.400 


1.298 


3,061,400 


7,070 


10,999 


240 


16,000 











THE GUARANTEE COMPANY OF NORTH AMERICA. 



In Canada 

In other countries. . . 


i 
.., 32,462 

. . j 175,587 




5,939,476 : .. 
45,461,520 i 


5,258,799 10,498 
36,414,297 ' 75,031 


5,598 j None. 

71,969 ! 24,726 

I 


12,200 
15,535 


Totals 


208,049 




51,400,996 i 


41,673,096 85,529 


77,567 24,726 


27,735 



Abstract of Plate Glass Insurance in Canada, for the Tear 1892. 



i i 

Dominion Plate Glass. 9,717 734 

I 
Lloyds' Plate Glass.. . . | 9,666 



Mongenais,Boivin&Co| 14,095 | 1,338 



Mutual Accident 5,9 



J- 



546 115,835 



Totals 39,466 



1,924 



2,200 | 

None. ] None. 



3,246 | 


3,246 


None. 


None. 


4,213 1 


3,942 


356 


None. 


5,232 


5,232 


None. 


None. 


2,957 ; 


3,259 


140 


None. 


15,678 ! 


15,679 


496 


None. 



Abstract of Steam Boiler Insurance in Canada, for the Year 1892. 



Boiler Insertion and 
Inburance Co 



24,934 623 i 1,893,712 



730 


2,290,243 


i 
403 1 403 


None. 



None. 



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LIST OF 

INSURANCE COMPANIES 

LICENSED TO DO BUSINESS IN CANADA 



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DEPARTMENT OF FINANCE — IN8URAN0E BRANCH. 



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ABSTRACT OF STATEMENTS. 



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CXVl 



DEPARTMENT OF FINANCE — IN6URANCE BRANCH. 



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LIST OF COMPANIES 

DULY LICENSED FOR THE TRANSACTION OF FIRE INSURANCE BUSINESS IN 
THE DOMINION FOR THE YEAR ENDED 31st DECEMBER, 1892. 



The iEtna Insurance Company of Hartford, Conn. 

The Agricultural Insurance Company of Watertowu, N.Y. 

The Alliance Assurance Company. 

The Atlas Assurance Company. 

The British America Assurance Company, Toronto. 

The Caledonian Insurance Company. 

The Citizens' Insurance Company of Canada. 

The City of London Fire Insurance Company. 

The Commercial Union Assurance Company (Ltd.) of London, England. 

The Connecticut Fire Insurance Company of Hartford. 

The Eastern Assurance Company, Halifax, N.S. 

The Employers' Liability Assurance Corporation (Limited). 

The Fire Insurance Association (Limited), London, England. 

The Guardian Fire and Life Assurance Company, London, England. 

The Hartford Fire Insurance Company, Hartford, Conn. 

The Imperial Insurance Company of London, England. 

The Insurance Company of North America. 

The Lancashire Insurance Company* 

The Liverpool and London and Globe Insurance Company. 

The London and Lancashire Fire Insurance Company. 

The London Assurance Corporation. 

The London Mutual Fire Insurance Company of Canada, London, Ont. 

The Manchester Fire Assurance Company. 

The Mercantile Fire Insurance Company. 

The National Assurance Company of Ireland. 

The North British and Mercantile Insurance Company. 

The Northern Assurance Company of Aberdeen and London. 

The Norwich Union Fire Insurance Society. 

The Phenix Insurance Company of Brooklyn. 

The Phoenix Fire Assurance Company, London, England. 

The Phoenix Insurance Company, Hartford, Conn., U.S. 

The Quebec Fire Assurance Company. 

The Queen Insurance Company of America. 

The Royal Canadian Insurance Company. 

The Royal Insurance Company of England. 

The Scottish Union and National Insurance Company. 

The Sun Insurance Office, London, Bngland. 

The Union Society, London, England. 

The United Fire Insurance Company (Limited). 

The Western Assurance Company, Toronto. 

LIST OF COMPANIES 

DULY LICENSED FOR THE TRANSACTION OF INLAND MARINE INSURANCE 
BUSINESS IN THE DOMINION FOR THE YEAR ENDED 31st DECEMBER, 1892. 

The jEtua Insurance Company of Hartford, Conn. 

The British America Assurance Company, Toronto. 

The British and Foreign Marine Insurance Company (Limited). 

The Commercial Union Assurance Company of London, England. 

The Insurance Company of North America. 

The Phenix Insurance Company of Brooklyn. 

The Royal Canadian Insurance Company, Montreal. 

The Western Assurance Company, Toronto. 

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FIRE AND INLAND MARINE INSURANCE COMPANIEB. 5 

THE MINA INSURANCE COMPANY, HARTFORD, CONN., U.S. 



Statement for the Year ending 31st December, 1892. 
President— Wm. B. Clark. Secretary— Jab. F. Dudley. 

Principal Office — HartFord, Conn. 

Head Office in Canada— Montreal. Chief Agent— ¥. W. Evans. 

(Incorporated, Jnne 5th, 1819. Commenced business in Canada, 1821.) 



CAPITAL. 



Amount of capital authorized $5,000,000 00 

do subscribed for.and paid up in cash 4,000,000 00 



ASSETS IN CANADA. 



Stocks, bonds, &c, in deposit with the Receiver-General, viz. : — 

Par value. Market value. 

Montreal Corporation stock 8 19,000 00 8 21,280 00 

Montreal Harbour bonds 4,000 00 4,000 00 

Canadian Pacific Land Grant bonds 89,000 00 96,120 00 



Total par and market value SU2,0OQ 00 8121,400 00 

Carried out at market value $ 121,400 00 

Cash in hands of agents in Canada 14,535 28 

Total assets in Canada * 135,935 28 



• LIABILITIES IN CANADA. 

Net amount of fire losses unsettled, but not resisted 812,830 04 

do do resisted, in suit > 3,225 00 

do do do not in suit 1,000 00 



Total net amount of unsettled claims for fire losses in Canada % 17,055 04 

Reserve of unearned premiums for all outstanding fire risks in Canada. 78,827 16 

Total liabilities in Canada $ 95,882 20 

INCOME IN CANADA. 
For Fire Risks in Canada. 

Gross cash received for premiums 8 173,891 08 

iMluct reinsurance, rebate, abatement and return -premiums. 34,80(> 89 

Net cash received for said premiums 8 139,084 19 

For Inland Marine Risks in Canada. 

Grws and net cash received for premiums • . . 5,165 99 

Total net cash received for premiums in Canada $ 144,250 18 

Received for interest and dividends. ... 6,180 00 

Total cash income in Canada $ 150,430 18 



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6 DEPARTMENT OF FINANCE (INSURANCE BRANCH.) 

1 JSTNA— Continued. 

EXPENDITURE IN CANADA. 
For Fire Risks in Canada. 

Paid during the year for fire losses occurring in previous years (which losses 

were estimated in last statement at 813,552.08) $ 13,552 08 

Paid for fire losses occurring during the year 91,826 58 

Total net amount paid during the year for fire losses $ 105,878 66 

Inland Marine Risks in Canada. 
Amount paid for inland marine losses occurring during the year Nil. 



Total net amount paid during the year for fire and inland marine losses.. $ 105,378 66 

Paid for commission or brokerage in Canada 26,381 82 

do salaries, fees, &c 4,993 65 

do taxes in Canada 2,288 71 

do general expenses 3,298 33 

Total cash expenditure in Canada $ 142,341 17 

RISKS AND PREMIUMS. 

Fire Risks in Canada Amount. Premiums. 

Net policies in force at date of last statement $ 12,133,590 $ 132,544 75 

Taken during the year, new and renewed 15,907,628 173,891 08 



Total g 28,041,218 8 306,435 83 

Deduct terminated 13,228,743 148,24193 

Gross in force at end of year 3 14,812,475 $ 158,193 90 

Deduct reinsured 449,061 4,774 89 



Net in force at 31st December, 1892 $ 14,363,414 8 153,419 1 

Inland Marine Risks in Canada. 

Taken during the year. $ 1,417,632 3 5,165 99 

Terminated 1,417,632 5,165 99 



Total number of policies in force in Canada at date (No return) 

Total net amount in force 814,363,414 00 

Total premiums thereon \ 153,419 01 

Subscribed and sworn to, 17th January, 1893. 

FEED. W. EVANS, 

Chief Agent. 
(Received, 18th January, 1893.) 

General Business Statement for the Year ending 31st December, 1892. 
(As returned to the Insurance Department, State of Connecticut.) 

assets. 

Eeal estate, unencumbered $ 250,000 00 

Loans on bond and mortgage 36,000 00 

Cash on hand and in bank 728.574 51 

Gross amount in hands of agents and in transit 650,919 54 

l<oan8 on collaterals, par value, 97,525; market value, $8,746.75 ; 

amount loaned • 5,600 00 

Stocks and bonds, par value, $7,036,890; market value 9,243,748 50 

Accrued interest 987 08 



Total assets $10,915,829 63 



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FIRB AND INLAND MARINE INSURANCE COMPANIES. 7 

JETNA— Concluded. 

LIABILITIES. 

Net amount of unpaid losses $ 397,084 62 

Amount of unearned premiums 2,748,992 27 

Amount reclaimable on perpetual fire insurance policies 44,215 96 

All other claims against the company for return-premium;*, commis- 
sions, &c 117,988 60 

Total liabilities except capital stock $3,308,281 45 

Capital stock paid up in cash $4,000,000 00 

Surplus beyond liabilities and capital stock 3,607,548 18 

INCOME. 

Net cash received for premiums ..$3,715,006 69 

Received for interest and dividends 463,816 73 

Received for rents 6,998 59 

Total cash income $4,185,822 01 



EXPENDITURE.- 

Net amount paid for losses $2,117,272 04 

Cash dividends paid stockholders 720,000 00 

Commission or brokerage 611,000 83 

Salaries, fees, &c 217,363 85 

Taxes 60,757 01 

Miscellaneous 238 792 38 

Total cash expenditure $3,965,186 11 



RISKS AND PREMIUMS. 

Amount of policies taken during the year — Fire $328,872,360 00 

Premiums thereon 4,054,174 33 

Net amount in force at end of year— Fire :. 424,030,419 00 

Premiums thereon 5,143,811 85 

Amount of policies taken during the year — Inland Marino $ 79,088,477 00 

Premium* thereon 280,086 93 

Net amount in force at end of year — Inland Marine 2,435,377 00 

Premiums thereon 70,187 76 

Subscribed and sworn to, by 

WM. B. CLAEK, 

President. 

JAS. F. DUDLEY, 

Secretary. 

(Hartford, 4th January, 1893.) 



i 



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8 DEPARTMENT OF FINANCE— INSURANCE BRANCH. 

THE AGRICULTURAL INSURANCE COMPANY OF WATERTOWN, N.Y. 



Statement for the Year ending 31st December, 1892. 

President— J. R. Stebbins. | Secretary— R. M. Stevens. 

Principal Office — Watertown, N.Y. 

Agent in Canada — Joseph Flynn. | Head Office in Canada — Toronto, Ont. 

(Organized or incorporated, as mutual, 1853; as stock, 1863 ; commenced business in 

Canada, 1st, October, 1878.) 



capital. 
Amount of capital authorized, subscribed for, and paid up in cash $ 500,000 00 



ASSETS IN CANADA 

City of Kingston bonds in deposit with Receiver-General — par value 

8144,700; market value * 156,276 00 

Uncollected premiums 6,327 93 

Bills receivable 4,166 66 

Total assets in Canada 8 166,770 59 

LIABILITIES IN CANADA. 

Net amount of losses in Canada ad justed but not due $ 3,099 00 

Net amount of looses in Canada claimed but not adjusted 475 00 

Net amount of losses resisted, not in suit 1,225 00 

Total net amount of unsettled claims for fire losses in Canada $ 4,799 00 

Reserve of unearned premiums for all outstanding risks in Canada 95,024 64 

Total liabilities in Canada $ 99,823 64 

INCOME IN CANADA. 

Gross cash received for premiums £ 72,642 74 

Deduct reinsurance, rebate, abatement and return -premiums 10,719 91 

Total net cash received for premiums 8 61,922 83 

Received for interest or dividends on bond6, &c 6,545 25 

Sundry 483 06 



Total income in Canada $ 68,951 14 

EXPENDITURE IN CANADA. 

Amount paid tor losses occurring in previous years, which losses were esti- 
mated in last statement at $2,987 .16 8 2,200 50 

Deduct savings and salvage Nil. 

Net amount paid during the year for said losses 8 2,200 50 

Amount paid for losses occurring during the year S 46,705 48 

Deduct amount received for reinsurance 015 83 



Net amount paid during the year for the said losses 8 45,789 65 

Net amount paid during the year for losses v $ 47,990 15 

Commission or brokerage 14,496 96 

Salaries, fees, and all other charges of officials in Canada 5,143 58 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 9 

AGRICULTURAL— Continued. 

Taxes $ 1,195 89 

All other expenditure, viz.: — Postage, $ 1,072. 6Q; general expenses, 

$1,410.31;' printing and stationery, $32.85; adjusting, $428.64; 

duty and express, $422.88; rent, $1,151.28; board tax, $227.96 ; . 

miscellaneous, $2,435.26 7,181 78 

Total expenditure $ 76,008 36 

RISKS AND PREMIUM6. 

Fire Risks in Canada. Amouut. Premiums. 

Groae policies in force at date of last statement $ 23,716,519 $227,894 24 

Taken during the year (new) 8,049,992 72,642 74 

Total '....$ 31,766,511 $300,536 98 

Deduct terminated 9,756,295 93,785 43 

Gross in force at end of year $ 22,010,216 $206,75155' 

Deduct reinsured 72,357 651 22 

Net in force at 31st December, 1892. $ 21.937,859 8206,100 33 

Total number of policies in force in Canada at date. (No return.) 

Total net amount in force $21,937,859 00 

Total premiums thereon 206,100 33 

! Subscribed and sworn to, 14th March, 1893, by 

J. FLYNN, 

| Chief Agent. 

(Received 15th March, 1893.) 



fc General Statement for the Year ending 31st December, 1892. 
(As returned to the Superintendent of Insurance, State of New York.) 

ASSETS. 

estate $ 244,442 37 

Loans on bond and mortgage (first lions) upon which uot more than one 

ye§r's interest is due..' 1,138,631 02 

Loans on bond and mortgage (first liens) upon which more than one 

year's interest is due 132,098 57 

Interest due and accrued on said bond and mortgage loans. 49,230 52 

Stocks and bonds held by the Company — par value, $323,000; market 

value 351,408 50 

Interest due and accrued thereon 585 00 

Loans on collateral security of stock, &c, of par value, $118,975.00; 

market value, $135,435.00; amount loaned 64,757 95 

Interest due and accrued thereon v 2,069 56 

Cash on hand and in banks ^ 266,167 54 

Gross premiums in due course of collection 121,870 70 

Bills receivable 18,367 77 

Total assets $2,389,629 50 

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10 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

AGRICULTURAL— Concluded. 

LIABILITIES. 

Net amount of unpaid losses $ 79,271 39 

Unearned premiums ,.. 1.416,425 14 

Interest due and remaining unpaid 5 00 

Other liabilities 28,131 70 

Total liabilities, except capital stock $1,523,833 23 

Capital stock paid up in cash $ 500,000 00 

Surplus beyond liabilities and capital stock 365,796 27 

INCOME. 

Net cash received for premiums $1,012,909 84 

» Received for interest and dividends 106,929 07 

do rents 3,346 65 

Total cash income .$1,123,185 56 

EXPENDITURE. 

Net amount paid for losses...' $ 571,718 35 

Dividends paid stockholders 50,015 00 

Commission or brokerage..... 208,332 40 

Salaries, fees, &c .' 128,174 89 

Taxes 20,810 24 

Miscellaneous 64,502 70 

Total cash expenditure $1,043,553 58 

RISKS AND PREMIUMS. 

Amount of policies taken during the year $127,973,341 00 

Premiums thereon 1,193,574 59 

Net amount in force at end of year .". 276,326,516 00 

Premiums thereon 2,721,952 51 

Subscribed and sworn to, by 

SIDNEY COOPER, * 

Treasurer. 

H. M. STEVENS, 

Secretary. 

Watertown, N.Y., 26th March, 1893. 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 11 

THE ALLIANCE ASSURANCE COMPANY. 

Statement for the Year ending 31st December, 1892. 
President — Et. Hon. Lord Rothschild. | Secretary — Robert Lewis. 

Principal Office — Bartholomew Lane, London, England. 

Agent in Canada — I Head Office in Canada — 

George H. McHbnry. I 157 St. James St., Montreal. 

(Established, 4th August, 1824. Commenced business in Canada, 1st March, 1892.) 

capital. 

Amount of capital authorized and subscribed for $ 24,333,333 33 

Amount paid up in cash 2,676,666 67 

ASSETS IN CANADA. 

Stocks, bonds, &c, in deposit with the Receiver-General, viz. : — 

Far value. 
Canada 3 per centstock $ 311,142 00 

Carried out at par value * 311,142 00 

Cash at head office in Canada.....' 1,394 83 

Cash in banks in Canada . l 20,973 91 

Cash in hands of agents in Canada 23,426 77 

Total assets in Canada g 356,937 51 

LIABILITIES IN CANADA. 

Xet amount of fire losses, reported or supposed but not claimed $ 7,073 00 

do do resisted in suit 2,667 00 

Total net amount of unsettled claims for fire losses in Canada 9 9,740 00 

Reserve of unearned premiums for all outstanding fire risks in 

Canada 134,262 26 

Due and accrued for miscellaneous expenses in Canada 1,655 00 

Total liabilities in Canada $ 1 45,657 26 

INCOME IN CANADA. 

Gross cash received for premiums $ 340,980 65 

*Deduct reinsurances, rebate, abatement and return-premiums 52,739 97 

fNetcasb received for premiums $ 288,240 68 

tRoceived for interest on stock 9,334 26 

Received for interest and dividends, &c, in Canada 1,383 57 

Total income in Canada > 298,958 51 

'Including $4,127.51 return premiums on risks reinsured from Royal Canadian Insurance Co. 
t Including $115,872.49 for reinsuring fire risks of Royal Canadian Insurance Co. 
?Paid direct to head office, London, England. 



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12 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

ALLIANCE ASSUEANCE COMPANY— Continued. 

EXPENDITURE IN CANADA. 

Amount paid for losses occurring during the year $ 136,058 30 

Deduct amount received for reinsurance 20,659 77 



Net amount paid during the year for the said losses $ 115,398 53 

Commission or brokerage in Canada 68,151 62 

Salaries, fees and other charges of officials in Canada 12,082 49 

Taxes in Canada 3,042 40 

Miscellaneous payments, viz. : — 

Rents, $2,203.33; postage, $1,334.69; stationery, &c, $4,409.34 ; 
advertising, $947.61 ; travelling expenses, $218.70 ; general 
expenses, $3,771.73 ; agency disbursements, $905.10 13,790 50 

Total expenditure in Canada $ 212,465 54 

RISKS AND PREMIUMS. 

Fire Bisks in Canada. Amount. ^h^eon? 

Policies taken during the year $ 21,265,029 S 244,407*42 

Policies reinsured from Royal Canadian Insurance Co 24,332,497 275,334 21 

Total $ 45,597,526 S 519,741 63 

Deduct terminated 18,858,102 218,785 52 

Gross in force at end of year $ 26,739,424 8 300,956 11 

Deduct reinsured 3,240,369 40,349 77 

Net in force at 31st December, 1892 8 23,493,055 $ 260,606 34 



Number of policies in force at date ..(No reiurn.) 

Total net amount in force $ 23,493,055 00 

Total premiums thereon 260,606 34 

Subscribed and sworn to, 1st March, 1893, by 

G. H. McHENRY, 

Chief Agent. 
(Keieived, 2nd March, 1893.) 



General Business Statement for the Year ending 31st December, 1892. 
(Abstracted from the Directors' Report, London, Eng., 15*A March, 1893.) 

FIRE AND PROFIT AND LOSS ACCOUNTS. 

The Fire Premium Income for the year amounted lo. £532,182 4 10 

Lossesbyfire £282,587 13 1 

Commission 84,299 14 3 

Expenses of management (including £52 6s. 3d. of l>ad debts) . . 97,451 10 

Income tax on profit 2,079 11 3 

466,41 T 19 5 

£65,764 5 5 

Add— Interest (less income tax) on fire insurance fund £ 31,443 19 

Interest (less income tax) on paid-up capital 22,217 11 9 

. 53,661 10 9 



Surplus £119,425 16 2 



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FIRE ANJ) INLAND MARINE INSURANCE COMPANIES. 

ALLIANCE ASSURANCE COMPANY— Continued. 



13 



Owing to numerous and heavy fires at certain sections of the company's home 
business, the loss ratio in 1892 was 4 per cent in excess of the average losses of the 
office in previous years. There is also an increase in the rate of expenditure arising 
from the organization of new branches in the Colonies and in San Francisco. ]&*<±j 

Of the above sum of £119,425 16s. Id., £106,243 4s. lOd. has been carried to 
profit and loss oceount, and £13,182 lis. 4d. added to the fire insurance fund. 
Of the amount carried to profit and loss account, £6,243 4s. iOd. has been applied 
in writing down the cost of office premises and in payment for the good-will of fire 
business acquired by the company. 

The paid-up capital amounts to £ 550,000 

Life assurance fund amounts to 2,271,237 8 9 

Fire insurance fund amounts to 717,128 19 11 

Leasehold and investment policies fund 6,228 13 6 

Profit and loss account 100,000 

£3,644,595 2 2 
Provision for outstanding claims and accrued expenses and com- 
mission 88,779 10 10 

£ 3,733,374 13 

DIVIDEND ON THE SHARE CAPITAL. 

The directors have declared a dividend of £100,000, being 8s, per share on the 
paid-up capital of the company. One moiety of the dividend will be payable on 
and after the 10th day of April next, and the remaining moiety on and after the 
10th day of October next. 



FIRE ACCOUNT. 



Amount of fire insurance fund at 
the beginning of the year. .... 

Premiums received after deduction 
of reinsurance premiums 

Interest on fire insur- 
ance fund £ 82,149 6 9 

Less income tax 705 7 9 



£ s. d. 
703,946 8 7 
532,182 4 10 

31,443 19 



£1,267,572 12 5 



s. d. 



> Losses by fire after deduction of 
I amounts recovered und*r re- 
insurances 

j Commission 

Expenses of management 

| Bad debts 

, Income tax on profit 

[ Transferred to profit and loss ac- 

, count 

I Amount of fire insurance fund at 

1 the end of the year as per « 

i balance sheet 717,128 19 11 



282,587 13 

84,299 14 

97,398 14 

52 6 

2,079 11 



84,025 13 1 



£1,267,572 12 5 



PROFIT AND L088 ACCOUNT. 



£ s. d, 

Balance of last year's account 100,000 

Interest on share capital 

and on profit and 

loss account. £22,680 4 3 

Lew income tax 462 12 6 



Transferred from fire account. . . 



22,217 11 9 
.84,025 13 1 



£ 206,243 4 10 



£ s. d. 

Dividend to members 100,000 

Applied in writing down cost of 

office premises 1,500 

Payment for good-will of business 

acquired 4,743 4 10 

Balance as per balance sheet 100,000 



£ 206,243 4 10 



i 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 15 

THE ATLAS ASSUKANCE COMPANY. 



Statement for the Year ending 31st December, 1892. 

zcretary — Samuel J. Pipkin. I Principal Office— London, Englan 

gent in Canada — M. C. Hinshaw. | Mead Office in Canada — Montreal 

(Established, 1808. Commenced business in Canada, Tth March, 1887.) 



capital. 

Amount of joint stock capital authorized and subscribed for £ 1,200,000 

Amount paid up in cash 144,000 

ASSETS IN CANADA. 

Stocks and bonds : — 

Par Value. Market Value. 

Canada Sh per cent inscribed stock 8 82,733 33 $ 86,042 66 # 

New South Wales 3± per cent inscribed stock 24,333 33 23,360 05 

Total par and market value 8 107,066 66 $ 109,402 71 

Carried out at market value $ 109,402 71 

(The above being in deposit with the Receiver-General.) 

Cash in Bank of British North America ; 12,648 85 

Amount of cash in bands of agents in Canada 1,087 33 

Office furniture and plans 2,441 12 

Total assetsin Canada ". $ 125,580 01 

LIABILITIES IN CANADA. 

Net amount of losses claimed but not adjusted $ 1,920 76 

do resisted (in suit) nil. 

Total net amount of unsettled claims for losses in Canada $ 1,920 76 

Reserve of unearned premiums for all outstanding risks in Canada 50,868 67 

Total liabilities in Canada , $ 52,789 43 

INCOME IN CANADA. 

Gross cash received for premiums 8 103,172 78 

I)educt reinsurance, rebate, abatement and return-premiums 10,282 37 

Net cash received for said premiums $ 92,890 41 

Received for interest and dividends 3,747 33 



Total income in Canada $ 96,637 74 

EXPENDITURE IN CANADA. 

Amount paid for losses occurring in previous years (which losses were estimated 

in the last statement at 86,654.80) 8 5,735 02 

Amount paid for losses occurring during the year $48,414 92 

deduct amount received for reinsurance 538 55 



Net amount paid during the year for said losses 847,876 37 



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16 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

ATL AS — Continued. 

Total net amount paid daring the year for losses in Canada $ 53,611 39 

Commission or brokerage 14,667 40 

Salaries, fees and all other charges of officials 3,556 60 

Taxes in Canada 2,539 35 

Miscellaneous payments, viz. : — 

• Office charges, $625.75; stationery and printing, $650.56; adver- • 
tising, $378.52; maps and block plans, $305.60; postage, ex- 
press and telegrams, $251.27 ; travelling, $666.79 ; office rent 
and taxes, $528.69 ; agents' charges, $732.38 ; other charges, 
$275.78 4,415 34 

Total expenditure in Canada $ 7 8,790 08 

RISKS AND PREMIUMS. 

Fire Risks in Canada. Amount. ^^i™ 

Gross policies in force at date of last statement $ 6,599,503 $ 77,513 53 

Taken during the year— new and renewed 7,770,331 96,5G0 80 

* 

Total $ 14,369,834 $ 174,074 33 

Deduct terminated x 6,412,983 72,910 00 



Gross in force at end of year . . .*. 8 7,956,851 8 101,164 33 

Deduct reinsured , 189,620 '2,537 91 



Net in force at 31st December, 1892 g 7,767,231 8 98,626 42 

Number of policies in force at date (No return.) 

Total net amount in force $7,767,231 00 

Total premiums t'hereon 98,626 42 

Subscribed and sworn to, 7th March, 1893, by 

MATTHEW C. HINSHAW, 

Branch Manager. 
(Received, 8th March, 1893.) 



General Business Statement fob the Year ending 31st December, 1892. 

(Abstracted from the Directors* Report, London, Eng. y lOf A March, 1893.) 

In the fire department the net premiums amounted to £301,078 19s. Id., and 
the losses to £199,200. 6s. 9d., being 66*1 per cent upon the premium income. The 
losses of the year under review have been more severe than those of any year since 
1883. 

The surplus of the fire account is £6,985. 15*. 9d., which with in- 
terest, dividends, &c, as shown in profit and loss account, 
yields a total surplus, for the year of £ 26,913 15 7 

Out of which the directors have this day declared a dividend for the 
year 1893, of 22s. per share, free of income tax (being 22 per 
cent on the original paid-up capital of tho company) amount- 
ing to £ 26,400 

An interim dividend of 5e. per share was paid on 23rd September last £ 6,000 

The balance of 17s. per share will be payable on and after the 30th inst. . . . 20,400 

The remainder of the surplus will be carried to the reserve fund, 

viz. :— 613 15 7 

The Fire and Reserve Funds will then stand at £315,733 Is. 5d. 

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FIRE AND INLAND MARINE IN80RANCE COMPANIES. 



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20 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE BRITISH AMERICA ASSURANCE COMPANY. 



Statement for the Year ending 31st December, 1892. 

Governor— Geo. A. Cox. | Secretary — P. H. Sims. 

Principal Office— W and 22 Frout St. East, Toronto. 

(Incorporated 13th February, 1833. Commenced business in Canada, 1833.) 



CAPITAL. 

Amount of joint stock capital authorized, subscribed for and paid up 

in cash $ 500,000 00 



For List of Shareholders, see Appendix. 



ASSETS. 

Value of real estate held by the company, viz. : — 

Company's premises, corner Front and Scott Streets, Toronto, 

occupied as warehouses and offices $ 150,000 00 

Loans secured by bonds and mortgages, on which more than one 

year's interest is due, constituting a first lien on real estate... 468 02 

Interest due and unpaid on said loans 32 12 

Stocks and bonds held by company: 

*Hdd in the United States. Par Value. Market Value. 

United States bonds, 6s, 1896 $ 30,000 UO $ 32,400 00 

do do 4«, 1907 275,000 00 313,500 00 

Ohio State bonds, 3 per cent, 1900 100,000 00 105,000 00 

Georgia State bonds, 4A per cent, 1915 25,000 00 28,250 00 

New York and West Snore R.R. 1st mortgage bonds, 4 per 

cent 50,000 00 52,000 00 

City of Toronto debentures, 4 per cent, 1925 50,125 00 50,125 00 

City of Richmond, Va., bonds, 4 per cent, 1924 25,000 00 25,000 00 

5 555,125 00 $ 606,275 00 



Deposited with Dominion Government. 

City of KingBton debentures $ 17,000 00 $ 17,340 00 

Town of Owen Sound debentures 10,000 00 10,700 00 

City of Hamilton debentures 6,540 00 6,054 45 

Canadian Pacific Railway bonds 1,000 00 1,080 00 

Town of Harriston debentures 7,000 00 7,070 00 

City of St. Catharines debentures 15,000 00 13,500 00 

City of Montreal debentures 5,000 00 5,000 00 

$ 61,540 00 $ 61,344 45 



* Certificates of deposit held by the different Commissioners in the United States : 

1. California, United States bonds 8 100,000 00 

2. New York, do do 205,000 00 

3. Georgia, Georgia State bonds 25,000 00 

4. Virginia, City of Richmond bonds 25,000 00 

5. Ohio, Ohio State bonds 100,000 00 

$ 455,000 00 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 21 

BRITISH AMERICA— Continued. 

Held by Company. Par Value. Market Value. 

Federal Bank stock $ 25 00 % 25 00 

Freehold Loan and Savings Company's stock 2,000 00 2,780 00 

Dominion Savings and Investment Society stock 5,500 00 5,445 00 

$ 7,525 00 $ 8, 250 00 

Recapitulation. 

Held in the United States $556,125 00 $606,275 00 

Deposited with the Dominion Government 61,540 00 61,344 45 

Held by Company 7,525 00 8,250 00 

Total par and market value $ 624,100 00 g 675, 869 45 

Carried out at market value $ 675,869 45 

Cash on hand at head office 5 14 

Cash in banks, namely : — , 

Canadian Bank of Commerce, New York $ 70,06182 

do do Toronto (overdrawn) 34,134 37 

Total 35,927 45 

Interest accrued and unpaid on stocks, &c ,., 9,128 13 

Agents* balances 120,484 26 

Sundry, viz. : — 

Office furniture $ 26,822 55 

Rents due and accrued 1,163 35 

27,985 90 

Total assets $1,019,901 37 



LIABILITIES. 

1. Liabilities in Canada. 

For Fire Risks. 

Net amount of fire losses adjusted, but not due $ 7,5M 28 

do do claimed but not adjusted 4,968 14 

S 12,522 42 

Net amount of fire losses resisted— in suit S 1,000 00 

do do not in suit 725 00 

$ 1,725 00 

Total amount of unsettled claims for fire losses in Canada 

($•-'8.83 of which accrued prior to 1892) $ 14,247 42 

For Inland Marine Bisks. 

Net amount for inland marine losses, adjusted but not due £ 236 05 . 

do do claimed but not adjusted Nil. 

Total amount of unsettled claims for inland marine losses in Canada... 236 05 

do do losses in Canada $ 14,483 47 

Reserve of unearned premiums for all outstanding risks in Canada: — 

Fire $137,007 52 

Total reserve of unearned premiums for risks in Canada 137,007 52 

Dividends declared and due but unpaid 3,979 62 

do but not yet due .' 17,500 00 

All other claims against the Company in Canada 4,422 92 

Total liabilities, excluding capital stock in Canada... $ 177,393 53 

Digitized by VjOOQIC 



22 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

BRITISH AMERICA— Continued. 
2. Liabilities in other Countries. 

Net amount of fire losses adjusted but not due $ 7,524 87 

do claimed but not adjusted 39,580 21 

do resisted— in suit.... 4,88189 

do do not in suit Nil. 



Total unsettled fire losses (of which $1,655.36 accrued in previous years) $ 51,986 97 

Net amount of inland marine lasses adjusted but not due $ 883 31 

do do claimed but not adjusted 252 50 

Total unsettled inland marine losses $ 1,135 81 



Total net amount of unsettled claims for losses in other 

countries $ 53,122 78 

Reserve of unearned premiums, viz. : — 

Fire 3 387,177 10 

Inland marine 10,864 26 

Total ~~~ 398,041 36 

Total liabilities in other countries $ 451,164 14 



Total liabilities (excluding capital stock) in all countries $ 628,557 67 

Capital stock paid up $ 500,000 00 

INCOME. 

For Fire Bisks. In Canada. &^ 

Gross cash received for premiums . $229,114 74 $629,453 05 

Deduct reinsurance, rebate, abatement and return-premiums.. 66,700 93 96,834 94 

Net cash received for fire premiums $ 172,413 81 $_532,618_U 

For Inland Marine Risks. 

Gross cash received for premiums $ 20,583 90 $ 82,127 69 

Deduct reinsurance, &c 16,263 74 9,084 51 



Net cash received for inland marine premiums $ 4,320 16 8_ 73,043 18 

Total net cash received for premiums $_ 176,733 97 8 605,661 29 

Total net cash received for premiums in all countries $ 782,395 26 

Eeceived for interest on bonds and mortgages 26,960 08 

Eents 5,326 46 



Total cash income $ 814,681 80 

EXPENDITURE. 

For Fire Risks. In Canada. <J^|£. 

Amount paid during the year for losses occurring in previous 

years (which losses were estimated in last statement at 

$124,269.95) $ 40,835 05 $ 89,457 44 

Deduct savings and salvage. .. . $ 1,186 65 

Deduct amount received for reinsurance 8,922 41 



Total deductions 9,578 36 530 70 



Xet amount paid during the year for said losses $ 31,256 69 8 88,926 74 

Paid for losses occurring during the year $ 149,816 20 $ 310,398 08 

Digitized by VjOO< 



FIRE AND INLAND MARINE INSURANCE COMPANIES. 23 

BEITISH AMERICA— Continued. 
expenditure — Continued. 

ForFireRM.. In Canada. J^SS. 

Deduct savings and salvage ... $18,981 78 

Deduct reinsurance 34,134 10 



Total deductions $ 32,562 19 $ 20,553 " 



Xet amount paid for said losses $ 117,254 01 $ 289,844 39 

Total net amount paid during the year for. fire losBes $ 148,510 70 $ 378,77 1 13 

For Inland Marine Rinks. 
Amount paid during the year for losses occurring in previous 

years (which losses were estimated in the last statement 

at $4,453.02) $ 2,276 25 $ 3,185 63 

Deduct savings and salvage $ 360 86 

Deduct reinsurance 959 98 

Total deductions 694 48 626 36 



Xet amount paid during the year for said losses $ 1,581 77 $ 2,559 27 

Paid for losses occurring during the year $ 22,568 11 § 39,987 46 

Deduct savings and salvage. $ 3,398 45 

Deduct amount received for reinsurance 15,300 60 

Total deductions 14,963 84 3,735 21 

Xet amount paid for said losses $ 7,604 27 £ 36,252 25 

Total amount paid during the year for inland marine losses. . .£ 9,186 04 $ 38,811 52 

Total net amount paid during the year for fire and inland marine 

losses, viz. : — 

In Canada $157,696 74 

In other countries 417,582 65 

Total $ 575,279^39 

Xet amount paid during the year for ocean losses Nil. 

Paid for dividends on capital stock at 7 per cent 34,828 50 

Commission orbrokerage 154,713 28 

Salaries, fees and all other charges of officials 38,095 07 

Taxes 20,819 96 

Miscellaneous payments, viz. : — Office expenses, $959.38 ; auditors and 
scrutineers, $415 ; trustees, $300 ; telegraph and express, $1,041.97 ; 
postage, $5,767.63; advertising, $3,746.66; duty, $396.36; direc- 
tors 1 compensation, $1,036.00; travelling, $3,645.00; exchange, 
$1,609.48; printing and stationery, $5,597.71 ; board and patrol, 
$8,901.65 ; special agents, surveying, &c, $26,248.45 ; rent account, 
repairs to buildings, &c, $3,332.93 ; office furniture account, 
$736.00; various, $6,734.88 70,469 10 

Total cash expenditure $ 894,205 30 

CASH ACCOUNT. 

1891. Dr. 
Dec. 31. To balance on hand and in banks at this date $ 33,849 43 

1892. 

Dec.31. To income as above 814,681 80 

Received from realization of investments 92,907 80 



Total $ 941,439 03 



24 



1892. 



DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

BEITISH AMERICA— Concluded. 
Or. 



Dec. 31. By expenditure during the year as above $ 894,205 30 

By investments 11,301 14 

Balance in hand and in banks at thi6 date 35,932 59 



Total < 941,439 03 

RISKS AND PREMIUMS. 





In Canada. 


In Other Countries. 


Total in all Countries. 




Amount. Premiums. 

1 


Amount. 


Premiums. 


Amount. 


Premiums. 


Fire Risks. 

Gross policies in force it 
date of last statement. . . 

Taken during the year — 
new and renewed 


8 

1 
27,179,894 

19,274,110 


$ cts. 

322,280 01 
232,041 56 


$ 

59,277,474 
53,266,721 


$ cts. 

732,192 74 
654,064 04 


$ 

86,457,368 
72,540,831 


$ cts. 

1,064,472 75 
886,105 60 


Total 

Deduct terminated 


46,454,004 
19,584,129 


554,321 57 
247,429 36 


112,544,195| 1,386,256 78l 158,998,199 
49,478,286 610,062 75 69,062,415 

63,065,909* 776,194 03 89,935,7$! 
1.108.791 17.306 59 3. 846. 004 


1,940,578 35 
857,492 11 


Gross in force at end of 

year 

Deduct reinsured 


26,869,875 
2,737,213 


306,892 21 
35,879 98 


1,083,086 24 
53,186 57 






. 


86,089,780 




Net in force at 31st Decem- 
ber, 1892 


24,132,662 


271,012 23 


61,957,118 


758,887 44 


1,029,899 67 










Inland Marine Risks. 

Gross policies in force at 

date ot last statement. . 
Taken during the year 


5,065,734 


26,721 0i 


580,088 
11,687,192 


14,812 40 
80,036 48 


580,088 
16,752,926 


14,812 40 
106,757 49 


Total 

Deduct terminated. . 


5,065,7341 26,721 01 
5,065,7341 26,721 01 


12,267,280 
11,469,108 


94,848 88 
73,120 36 


17,333,014 
16,534,842 

798,172 


121,569 89 
99,841 37 


Gross and net in force at 
Slst December, 1892 




798,172 


21,728 52 


21,728 52 


m. 


1 





Total number of policies in force at date .....(No return.) 

Total net amount in force $ 86,887,952 00 

Total premiums thereon 1,051,628 19 



Subscribed and sworn to, 28th February, 1893, by 



J. J. KENNY, 

Deputy-Governor. 

P. H. SIMS, 

Secretary. 



(Eeceived, 2nd March, 1893.) 



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FIRE AND INLAND MARINE INSURANCE OOMPANIES. 25 

THE BEITISH AND FOREIGN MARINE INSURANCE COMPANY, 

(LIMITED.) 



Statement for the Year ending 31st December, 1892. 



Chairman — Thomas Chilton, 
Principal Office — Liverpool, Eng. 
Agent in Canada — Edward L. Bond. 



Underwriter — J. Da vies. 
Secretary — A.rthdr McNeill. ; 
Head Office in Canada — Montreal. 



(Organized, 1863; Incorporated, 5th August, 1867. Commenced business in Canada 

16th May, 1888.) 



capital. 
Amount of joint stock capital authorized and subscribed for.£l,340,000=$6,52 1,333 33 
Amount paid up in cash 268,000= 1,304,266 67 



ASSETS IN CANADA. 

Stocks and bonds in deposit with the Receiver-General, viz.: — 

Par Value. Market Value. 
City of Montreal, 4 per cent debentures 8 112,000 00 $ 112,000 00 

Carried out at market value $ 112,000 00 

Cash in hands of agents in Canada 4,968 24 

Total assets in Canada $ 116.968 24 



LIABILITIES IN CANADA. 
Set amount of inland marine looses due but not claimed (estimated) S 3,284 1)8 



Not amount of unsettled claims for inland marine losses in Canada $ 3,284 98 

Balance due the chief agents 494 12 

Total liabilities in Canada.. $ 3,779 10 

INCOME IN CANADA. 

For Inland Marine Risks. 

UrusB premiums received in cash $ 15,398 08 

Deduct reinsurance, rebate, abatement and return -premiums 80 27 

Net cash received for inland marine premiums $ 15,317 81 

Received for interest on bonds 4,480 00 

Total income (inland marine) in Canada 8 19, 797 81 

EXPENDITURE IN CANADA. 

Net amount paid during the year for Inland Marine losses occurring in 
previous years, which losses were estimated in the last statement 

at $2,817.40 $ . 3,771 09 

Net amount paid for inland marine losses occurring during the year... 7,617 08 

Commission or brokerage 1,548 48 

Salaries, fees and all other charges of officials in Canada 632 01 

'faxes in Canada 610 70 

Miscellaneous payments, viz.: postage, $158.65; telegrams, $80.08 ; 

printing, $82.86; sundries, $73.93... 395 52 

Total expenditure (inland marine) in Canada $ 14,57 4 88 

Digitized by VjOOQIC 



26 DEPARTMENT OP FINANCE — IN8URANCE BEANCH. 

. THE BRITISH AND FOREIGN MARINE— Continued. 

RI8K8 AND PREMIUMS. 
Inland Marine Risks in Canada. No. Amount. 



Premiums 
thereon. 



Policies taken during the year 194 $ 3,031,410 $ 15,398 08 

Deduct terminated 194 3,031,410 15,398 08 

Subscribed and sworn to, 27tb February, 1893, by 



EDWARD L. BOND, 

Chief Agent. 



(Received, 28th February, 1893.) 



General Business Statement for the Year ending 31st December, 1892. 
(Abstracted from the Directors' Report, Liverpool, England, 2*1 th January, 1893.) 

The underwriting account for 1891 has resulted in a profit of £11,678 16s. lid. 
To this sum must be added the interest account for the year 1892, amounting to 
£46,168 5s. 3d. These sums, with £143,752 16s. 9d. brought forward from 1891, 
leave to the credit of profit and loss account, £201,599 18s. lid. 

An ad-interim dividend of 8s. per share was paid on the 1st July last, and the 
directors now propose to pay a further dividend ot 8s. per share, and a bonus of 4s. 
per share, both free of income tax, making, a distribution of 20e. per share or 25 per 
cent for the year. The directors recommend that, after providing for income tax, 
the balance of £133,630 8s. 5d. be carried to next account. 

The premiums taken for the year 1892 amount to £572,186 14*. 3d. and the 
claims settled to £231,623 3s. <»d., leaving a net balance, after deducting expenses, 
of £291,138 6s. Id. at the credit of underwriting account. 

The net amount insured was £105,539,673 of which £7,607,670 remained at 
risk on the 31st December, 1892. 

The directors have passed a resolution adopting the provisions of the Forged 
Transfers Acts, thereby protecting holders of their certificates of shares against the 
consequences of any forged transfers to an amount not exceeding the value of the 
shares, and of any dividends which may be lost by such forgeries. 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 



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28 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE CALEDONIAN INSTJEANCE COMPANY. 



Statement for the Year ending 31st December, 1892. 

Chairman — " I Manager and Actuary — 

Eobert Stewart, Esq. | D. Deuohar, F.T.A. & F.F.A. 

Principal Office — Edinburgh. 

Agent in Canada — Lansing Lewis. | Head Office in Canada — Montreal. 

(Organized 1805; Incorporated, 18th June, 1846; Commenced business in 
Canada, September, 1883.) 



CAPITAL. 



Amount of joint stock capital authorized, £1,000,000 $4,866,666 67 

Amount subscribed for, £537,500 2,615,833 33 

Amount paid up in cash, £107,500 523, 166 67 



ASSETS IN CANADA. 

Stocks and bonds : — 

Par value. Market value. 

City of Toronto 6 per cent bondH (1!K)4) £6,000 £6,672 7 6 

Province of Quebec, new loan (1912) 800 83800 

Canada Government 4 per cent (1910) 1,000 1,000 

City of Toronto 4 per cent (1924) 2,871 2,706 9 5 

do 4 do (1925) 8,000 7,541 10 9 

City of Quebec 5 per cent (1913) 5,000 5,447 10 

Total par and market values _ £23,671 &*>?!&_?[_ A 

Carried out at market value...... ...., $ 117,801 96 

(The above being in deposit with the Receiver-General.) 

Cash in banks at Montreal and St. John, N.B 2,321 73 

Cash in hands of agents in Canada 10,540 80 

Insurance maps and plan* 4,400 00 

Total assets in Canada S 135 ,064 49 

LIABILITIES IN CANADA. 

Net amount of losses claimed but not adjusted 8 1,505 10 

do resisted— in nuit 1,800 00 

do do not in suit 500 00 • 



Total net amount of unsettled claims for losses in Canada $ 3,805 10 

Eeserve of unearned premiums for all outstanding risks in Canada 79,859 31 

Commission on uncollected premiums in agents' hands 1,581 12 

Overdraft at Molsons Bank 323 59 



Total liabilities in Canada $ 85,5 69 12 

INCOME IN CANADA. 

Gross cash received for premiums 8 124,278 38 

Deduct reinsurance, rebate, abatement and return-premiums 12,194 50 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 29 

CALEDONIAN— Continued. 

Net cash received for premiums $ 112,083 82 

*Keceived for interest on deposit 5,474 22 

Intereston bank account 85 42 



Total income in Canada $ 117,643 46 

t 
EXPENDITURE IN CANADA. 

Amount paid during the year for losses occurring in previous yeais (which 

laws were estimated in the last statement at $3,710.59) $ 1,586 29 

Amount paid for losses occurring during the year $ 62,949 22 

Deduct amount received for reinsurance 4,647 95 



Net amount paid for said losses $ 58,30127 

Total net amount paid during the year for losses in Canada 8 • 59,887 56 

Commission or brokerage 16,420 98 

Salaries, fees and all other charges of officials in Canada 8,835 99 

Paid for Government taxes in Canada 2,011 66 

Miscellaneous payments, viz.: — Printing and stationery, $952.76; 
travelling expenses, $665.10 ; advertising, $834.19; postage and 
telegrams, $439.65; rent, $750; furniture, $488; plans, $l,00u ; 
incidentals, $1,118.77 6,248 47 

Total expenditure in Canada $ 93,404 66 

RISKS AND PREMIUMS. 

Fire Risks in Canada. No. Amount. ^he^n* 

fiross policies in force at date of last statement 10,641 $ 14,188,262 8 142,002 95 

Policies taken during the year (new) 3,517 6,056,557 63,244 75 

do do (renewed) 3,610 5,483,031 64,668 08 

Total 17,768 8 25,727,850 $269,915 78 

Deduct terminated 6,255 10,686,549 107,730 39 

Gross in force at end of year 11,513 $ 15,041,301 8 162,185 39 

Deduct reinsurance 560,726 6,268 59 

Xet in force on 31st December, 1892 _i?.?l? ? 14,480,575 3 155,916 80 

Total number of policies iu force in Canada at date 11,513 

Total net amount in force $14,480,575 00 

Total premiums thereon 155,916 80 

•Interest paid direct to Company at Edinburgh. 

Subscribed and sworn to, 6th March, 1893, by 

LANSING LEWIS, 

Chief Agent. 

(Received, 7th March, 1893.) 



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30 DEPARTMENT OF FINANCE — 1N8URANCE BRANCH. 

CALEDONIAN"— Continued. 

General Business Statement for the Yeah ending 31st December. 1892. 

{Abstracted from the Directors' Report, Edinburgh, Scotland, 12th May, 1893.) 

fire department. 

The following are the results in this department : — 

Balance from previous years £ 38,428 6 

Premiums 403,416 2 10 

Special single payment received from Niagara Insurance Co. ... 96,534 6 5 

Interest 19,311 11 8 

£557,690 6 11 

Deduct -Losses £263,027 6 4 

ExjienHes, commission, &c 145,004) 18 4 

Increase in the reserve for unexpired risk (from 
£100,000 to £182,739 4s. 2d.) to bring it up to one- 
third of the ordinary premiums, plus one-half of the 
single payment above mentioned 82,739 4 2 

490,833 8 10 



Balance transferred to Shareholders' Profit and Loss Account ...£ 66,856 18 1 



DIVIDEND. 

A shareholders' profit and loss account ha«* been opened with the view of 
bringing together the results to the shareholders of the working of the two depart- 
ments. After crediting this account with the fire surplus of the year, and with the 
shareholders' proportion of the septennial profit from the life business, and debiting 
it with the dividend paid in 1892 andsuudry other payments, there remains a balance 
of £65,647 6s., out of which it is recommended that a dividend, be declared of £1 
4s. per share (being an increase of Is. per share) payable free of income tax in two 
equal instalments of 12s. on 15th May and 11th November. Tho dividend proposed 
will require a total sum of £25,800, leaving £39,847 6s. to be carried forward. In 
view of the present state of fire insurance businoss, the directors consider it unadvis- 
able to increase the dividend to a greater extent at this time. 

Revenue Accounts for the Year 1892. 



PIRE ACCOUNT. 



£ 8. d. 
Funds at 31st December, 1891 — 

Capital paid up 107,500 

Fire guarantee fund 270,000 

Reserve for unexpired risk 100,000 

Balance 38,428 6 



Premiumns £453,790 15 9 

Less — Rei nsur- 
ance premiums.. 50,374 12 11 



Sum received from Niagara insur- 
ance Company for assuming half 
of their liablity under existing 
}K>licieu, excepting at Pacific 
Coast 

Interest and divi- 
dends £ 19,629 5 7 

Less— Income tax 317 13 11 



Losses by fire after deducting sums 

reinsured 

Commission 

Exiienses of management 

Foreign and colonial taxes, and ex- 

penses of rating committees and 

£ 515,928 6 salvage associations 

Transferred to shareholders' profit 

and Iosh account 

Funds at end of year— 

403,416 2 10 Capital paid up £107,500 

Fire guarantee fund. 270,000 
Reserve for unexpired 
risk, estimated at 
one - third of the 
96,534 6 5 ordinary premiums 
of £403,416 2s.l0d., 
plus one -half of 
the sum of 
£96,534 6s. 5d 182,739 4 2 



s. d. 



263,027 6 
75,297 16. 
61,933 5 



7,835 17 4 
66,856 18 1 



19,311 11 8 



£1,035,190 6 11 



560,239 4 2 
£1,035,190 6 11 



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DEPARTMENT OP FINANCE — IN8URANCE BRANCH. 

CALEDONIAN— Concluded. 



31 



shareholders' profit and loss account. 



£ 8. 

Transferred from fire account 66,806 18 

Transferred from life account (share- 
holders' proportion of life profits 
for septennium ending 31st Dec., 
1892) 26,511 

Transfer fees 12 15 



£93,380 13 1 



£ d. s. 

Dividend paid in 1892 24,725 

Income tax on profits 557 9 

Expenses of new Act of Parliament 

— proportion charged against 

shareholders' funds 221 9 10 

Written off investments 1,198 17 2 

Written off maps and furniture 948 16 1 

Bad and doubtful debts 81 15 

Balance 65,647 6 



£93,380 13 1 



General Balance Sheet as at 31st December, 1892. 



LIABILITIES. 

£ 

Shareholders' capital, £537,500 in 
21,500 shares of £25, with £5 paid 
on each, total amount paid ..... 107,500 

Life assurance and annuity fund. . . 1,115,662 

Fire insurance funds (exclusive of 
capital) 

Shareholders' profit and loss account 

Claims under life policies admitted 
but not paid 

Outstanding fire losses 

Shareholders' dividends outstand- 
ing 

Sundry balances due by the com- 
pany 



452,739 
65,647 



10,954 16 
59,783 12 



1,655 15 
2,997 



6 1 



Mortgages on property within the 

United Kingdom ... 

Mortgages on property out of the 

United Kingdom 

Loans secured over public rates 

Loans on the company's life policies 
Investments — 

Indian and Colonial Government 
securities 

Indian Government guaranteed 
railway stock 

Colonial municipal and harbour 
bonds 

United States, Government secur- 
ities. . . 

United States municipal secur- 
ities 

Debentures of joint stock com- 
panies 

United States railroad bonds 

Railway preference stock 

Feu-duties and ground-annuals . . 

House property 

Life interests and reversions pur- 
chased 

Loans on life interests and rever- 
sions . 

Loans on personal security with life 

policies and the company's phares 
Agents' balances (receipts in course 

of collection) 

Outstanding premiums 

Outstanding interest 

Interest accrued but not due 

Cash on deposit. 

Cash in hand and on current account 

Office furniture and maps 

Stamps 



£ s. d. 

339.473 18 6 

31,298 13 3 

97,164 7 8 

62,769 15 8 

116.474 
16,279 



55,769 
73,641 
53,684 

78,977 

152,763 

17,949 

168,448 1 

87,244 7 

56,300 12 
131,435 10 



29,726 10 

85,070 2 

1,427 2 6 

1,031 14 10 

14,197 12 1 

83,002 17 8 

57,148 9 3 

5,648 18 9 

15 13 



£1,816,940 5 1 



£1,816,940 5 1 



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32 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE CITY OP LONDON FIRE INSURANCE COMPANY (LIMITED) OF 

LONDON, ENGLAND. 



Statement for the Year ending 31st December, 1892. 

President — Sir Henry E. Knight. I Secretary and General Manager— 

I L. C. Phillips. 

Principal Office — 101 Cheapside, London, England. 

Chief Agent in Canada — H. M. Blackburn. | Head Office in Canada — Toronto. 

(Incorporated, 9th February, 1881. Commenced business in Canada, 
1st September, 1881.) 



CAPITAL. 



Amount of capital authorized and subscribed for $9,733,333 33 

Amount paid up in cash 973,333 33 



ASSETS IN CANADA. 

Total assets in Canada Nil. 



LIABILITIES IN CANADA. 

Total liabilities in Canada Nil. 

INCOME IN CANADA. 

Grons cash received for premiums 8 68,307 09 

Deduct reinsurance, rebate, abatement and return- preuiiumfe 11,573 54 

Net cash received for premiums $ 

*Received for interest and dividends 

Endorsement fees , 

Bank interest 

Eent of Toronto office 

Total income in Canada ..$ 

EXPENDITURE IN CANADA. 

Amount paid during the six months for losses occurring in previous years 

(which losses were entimated in the last statement at §9,674.08) $ 7,443 48 

Deduct amount received for reinsurance Nil. 

Net amount paid for said losses 8 7,443 48 

Paid for losses occurring during the six months ... 8 37,311 05 

Deduct savings, salvage and reinsurance 1,817 til 

Net amount paid during the six months for said losses 8 35,493 44 



$ 


56,823 55 




2,591 50 




61 32 




15 95 




125 00 


8 59.617 32 



Total net amount paid during the year for losses in Canada $ 42,936 92 

Commission or brokerage t 11,750 99 

Salaries, fees and all other charges of officials in Canada 4,467 49 

Taxes in Canada 558 03 



*Paid direct to head office in London. 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 33 

CITY OF LONDON— Concluded. 

Miscellaneous payments, viz. : — 

Postage, telegrams and exchange, $695 . 65 ; printing and adver- 
tising, $1,104.50; Goad's plans, $126.90; rent, $850.00; 
miscellaneous, ($495.89 ; insurance superintendence, $74. 85 ; 
fire underwriters 1 association, $258.74; travelling expenses, 
$243.42; office expenses, Winnipeg, $1,249.98 5,099 93 

Total expenditure in Canada $ 64,813 36 

RISKS AND PREMIUMS. 

A _ A . Premiums 

Amount. fchereon 

Gross policies in force at date of last statement $ 14,404,356 $ 210,586 12 

Policies taken during the year— new ; 2,250,922 34,325 76 

do do renewed 2,149,014 34,73117 



Total $ 18,804,292 $279,643 05 

Deduct terminated 5,462,389 81,520 34 



Gross in force at end of half year $ 13,341,903 $ 198,122 71 

Deduct reinsured 13,341,903 198,122 71 



Net in force 30th June, 1892 Nil. Nil. 



Total number of policies in force in Canada at date (No return) 

Total net amount in force. Nil. 

Total premiums thereon Nil. 



Subscribed and sworn to, 7th March, 1893, by 

T. H. HUDSON, 

Chief Agent. 
(Received, 8th March, 1893.) 



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34 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE COMMERCIAL UNION ASSURANCE COMPANY (LIMITED) OF 

LONDON, ENGLAND. 



Statement for the Year ending 31st December, 1892. 

Chairman — Jeremiah Colman. • | Secretary — Henry Mann. 

Principal Office — London, England. 

Agents in Canada — Evans & McGregor. | Head OJice in Canada • Montreal. 

(Established, 28th September, 1861. Commenced business in Canada, 
11th September, 1863.) 



capital. 



Amount of capital authorized and subscribed for £2,500,000 stg=$12, 166,666 67 

do paid up in cash 250,000 •• = 1,216,666 67 



ASSETS IN CANADA (FIRE AND MARINE DEPARTMENT). 

Stocks, bonds, &c, in deposit with the Receiver-General, viz. : — 

Par value. Market value. 

Canada 4 per cent stock 8 106,580 00 $ 112,974 SO 

Queensland 4 i*?r cent loan, 1878 73,000 00 73, 000 00 

Swedish stock 58,400 00 51), 508 00 



Total par and market values S 237,080 00 $ 245,542 80 

Carried out at market value $ 245,542 80 

Cash on hand at head office in Canada 10,871 34 

Agents' balances : 36,496 71 

Bills receivable 142 50 

Approximate value of block plans 4,000 00 

Office furniture at Montreal 1,000 00 



Total assets in Canada (exclusive of assets of life branch) . $ 298,053 35 

LIABILITIES IN CANADA (FIRE AND MARINE DEPARTMENT). 

Net amount of fire losses in Canada, claimed but not adjusted 8 3,660 77 

do do resisted — in suit 7,660 67 

do ■ do resisted — not in suit 557 JK> 



$ 11,885 34 



Total net amount of unsettled claims for fire losses in Canada $ 11,885 34 

Reserve of unearned premiums for fire losses in Canada 248,611 68 

Due for reinsurance and otheraccounts : 1,192 25 

Bank overdraft 9,042 71 



Total liabilities in Canada (exclusive of liabilities, Life Braneh)$ 270,731 98 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 35 

COMMERCIAL UNION— Continued. 

INCOME IN CANADA. 

For Fire Risks in Canada. 

Gross premiums received in cash 8 422,712 87 

Gross cash received on bills and notes taken for premiums 3,593 56 

Gross cash received for premiums $ 426,30(5 43 

Deduct reinsurance, rebate, abatement and return-premiums 68,559 43 

Net cash received for said premiums S 357,747 00 

Net cash received for fire premiums $ 357,747 00 

(Bills and notes received during the year for premiums and remaining 
unpaid, $142 50.) 

Received for dividends paid direct to head office, England $ 9,619 20 

Deduct interest paid 12 30 

Net interest received 9,50(3 90 

Total cash income in Canada $ 367,253 90 

EXPENDITURE IN CANADA. 
For Fire Risks in Canada. 



Paid during the year for fire losses occurring in previous years (which losses 

were estimated in last statement at $11,652.06) $ 8,804 64 

Deduct amount received for reinsurance 2 36 

Net amount paid during the year for said losses * 8,802 28 

Paid for losses occurring during the year 8 310,188 55 

Lt«s received- for reinsurance 29,196 04 

Net amount paid for said losses g 280 ,992 51 

Total net amount paid during the year for fire losses $ 289,794 79 

Commission or brokerage 57,441 08 

Salaries, fees and other charges of officials in Canada 18,637 23 

Taxes in Canada 3,992 34 

Miscellaneous payments, viz. : — Rent, $1,370; travelling and surveys. 
8194.90; stationery and printing, $1,745.82; advertising and sub- 
scriptions, $889.00 ; postage, telegrams, &c, $1,898.50 ; loss ex- 
penses, $5,906.73 ; office expenses, $2,478.84 ; legal expenses, 
$201.01 ; underwriters' associations, $1,134.85 ; block plans, 
$1,213.64; sundries, $;5,691.11 21,024 40 

Total cash expenditure in Canada .*..$ 390,889 84 

RISKS AND PREMIUMS. 
For Fire Risks in Canada. No. Amount. ^SroiT 8 

Grcws policies in force at date of last statement. . . . 26,312 $ 39,897,185 $ 483,526 47 

Taken during the year— new 10,211 17,856,947 208,807 41 

do renewed 9,254 1 6,979,528 22(5,352 90 

Total 45,777 8 74,733,660 §918,686 78 

Induct terminated 17,594 31,286,509 403,434 02 



Grmw in force at end of year 28, 183 S 43,447,151 S 515,252 76 

Deduct reinsured 2,505,270 34,940 20 



-NVt in force at 31st December, 1892 _28,183 $ 40,9 41,881 5 480,312 56 

Total number of policies in force in Canada at date 28,183 

Total net amount in force $*0,941,881 00 

Total premiums thereon ... 480,312 56 

Subscribed and sworn to, 28th February, 1893, by 

W. B. EVANS, 
(Received, 1st March, 1893.) Joint Attorney and Chief Agent. 

4-3£ 



36 



DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

COMMEECIAL UNION— Continued. 



General Business Statement for the Year ending 31st December, 1892. 

{Abstracted from the Directors 1 Report, London, Eng., 3rd May, 1893.) 

fire department. 

The net premiums of 1892 amounted to £1,010,514, being a decrease of £13,545 
as compared with the year 1891, and the losses paid and outstanding to £751,145, 
being 74*33 per cent of the premium income. 

The apparent falling off in the premium income is due to the fact that' owing 
to the accounts being now closed at a later date than formerly, it has become pos- 
sible to include therein the whole of the reinsurances of the year. This having 
now been done for the first time, the year's figures contain reinsurances for five 
quarters against premiums for four quarters only. 

marine department. 

The net premiums received were £2415,037, and the net losses paid and out- 
standing amounted to £169,875. 

From the profits of this department the sum of £55,000 has been carried to 
profit and loss, and after providing for outstanding losses, the marine fund stands at 
£261,011. 

profit and loss. 

This account has been closed with a balance of £45,604 carried forward to 1893, 
and out of that amount the directors recommend the payment of a dividend at 
seventeen shillings and sixpence per share (free of income tax), making, with the 
interim dividend paid in November last, 25 per cent for the year. 

Bevenub Accounts, from 1st January to 31st December, 1892. 



Dr. 



FIRE DEPARTMENT. 
£ S. d. 



To Amount of fire fund at the be- 
ginning of the year 858,366 11 1 

Premiums, after deduction of 

reinsurances 1,010,514 14 3 

Interest 26,678 2 



Cr. 

£ 



a. d. 



£1,895,559 5 6 



By Losses paid and outstanding 
after deduction of reinsur- 
ances 751,145 15 2 

Commission and brokerage 162,283 1 3 

Contributions to fir© brigades . 5,611 10 10 

State charges — foreign 16,714 11 

Expenses of management 146,370 10 9 

Bad debts 215 4 7 

Amount of fire fund at the end 

the year 813,218 11 11 

£1,895,559 5 6 



Dr. 



MARINE DEPARTMENT. 



s. d. 
7 2 



To Amount of marine fund at the 

beginning of the year 262,038 

Premiums, after deduction of 
reinsurances, discounts and 
returns 246,037 6 

Interest 8,099 1110 



By Losses paid and outstanding, 
after deduction of reinsur- 
ances 

Subscriptions to Lloyds' and 
register books. 

Expenses of management 

Bad debts 

Underwriters' and managers' 
commissions 

Amount to profit and loss 

Amount of marine fund at the 



£ 516,175 5 



Cr. 



169,875 1 6 



678 18 

25,200 14 

433 12 

8,975 18 
55,000 



end of the year 261,011 7 



£ 516,175 5 < 



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FIKE AND INLAND MAEINE INSURANCE C0MPANIE8. 



31 



COMMERCIAL UNION— Concluded. 



Dr. 



To Balance of last year's account. . 

Interest and dividends not car- 
ried to departmental ac- 
counts. 

Amount transferred from mar- 
ine department 

Transfer fees 



PROFIT AND LO£S. 



Cr. 



19,226 6 10 

55,000 
37 10 



£ s. d. £ 

65,282 12 5 By Dividends Daid 4th May 13,750 

Interim dividend paid 4th No- 
vember ... 

Remuneration to directors and 
auditors 

Expenses not carried to depart- 
mental accounts 

Income tax on profits 

Furniture and fittings at head 
office and branches — ex- 
penditure during* the year . 

Alterations and repairs at head 
office and branches — ex- 
penditure during the year. 

Balance carried to next year's 
account 



s. d. 




£ 139,496 9 3 



18,750 

8,315 

18,389 11 6 

2,201 6 6 



1,497 1 4 



988 10 11 



45,604 19 
£ 139,4% 9 3 



LIABILITIES. 



Balance Sheet, 3Ut December, 1892. 

£ s. d. ASSETS. 



To Shareholders' capi- 
tal— Subscribed — 
50,000 shares of 
£50 each £2,500,000 

Paid up 

General reserve fund . 



Investment reserve fund 

Fire fund 

Life account, as per separate bal- 
ance sheet 1 

Marine fund 

Profit and loss account 

Temporary deposit by life depart- 
ment ... 

Bills payable 

Unclaimed dividends 

Fire deposits and perpetual pre- 
miums 

Survey fees 

Interest received in advance of due 
dates 

Suspense account 

Outstanding fire 
losses £132,095 

Outstanding marine 
losses 6,441 18 7 

Amounts due to 
other companies 
for reinsurances. . 57,827 17 



250,000 

200,000 

3,790 

813,218 

,515,767 

261,011 

45,604 

37,070 

11,867 

218 

4,072 
15 

151 
311 







10 8 

11 11 

16 8 

7 

19 

19 6 

6 9 

10 



196,364 15 7 



By Mortgages on property within the 

United Kingdom 

Mortgages on property out of the 

United Kingdom 

Mortgage rates raised under Acts 

of Parliament 

Loans upon life interests and. re- 
versions 

Loans upon personal security.. .... 

Life investments and outstanding 
accounts, as per separate balance 

sheet . 

Investments — 
British Government securities. . 
Indian and colonial Government 

securities 

Foreign Government securities. . 
United States Government secu- 
rities 

United States railway securities. 
Railway and other debentures 

and debenture stocks 

Railway and other stocks and 

shares 

Freehold premises at home and 
abroad, partly occupied as offices 
of the company, and partly pro- 
ducing revenue 

Leasehold premises at home and 
abroad, partly occupied as offices 
of the company; and partly pro- 
ducing revenue 

Branch and agency balances ...... 

Amounts due by other companies 

for reinsurances and losses 

Outstanding marine premiums . . . 

do fire do 

do interest 

Cash— On deposit. . .£220,787 4 8 
With bankers, 
and in hand 110,720 17 8 



Bills receivable . 
Stamps in hand . 



53,411 

25,266 

21,942 

3,600 
21,650 

1,515,767 

96,127 

43,864 
43,089 

85,921 
248,485 

109,023 

66,086 



s. d. 

2 1 

3 

8 9 



15 

16 8 

6 3 

15 6 

15 1 

9 6 
10 

2 7 

18 



321,517 3 10 



21,985 
194,544 

81,291 

23,050 

5,531 

1,444 



331,508 

23,913 

442 



16 4 
6 8 

17 3 
8 6 
8 
4 3 



2 4 

10 9 

2 



£3,339,465 15 



£3,339,465 15 



Note.— Part of the assets are under local laws or by contract, specifically deposited in various colonies 
and foreign countries, as security to holders of policies there issued. 



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38 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE CONNECTICUT FIEE INSURANCE COMPANY OF HARTFORD. 



Statement for the Year ending 31st December, 1892. 
President— J. D. Browne. | Secretary— Charles R. Burt. 

Principal Office — Hartford, Conn. 
Agent in Canada — Geo. H. McHenrt. | Head Office in Canada — Montreal. 

(Incorporated, June, 1850. Commenced business in Canada, 1886.) 



CAPITAL. 

Amount of capital authorized, subscribed for and paid up in cash $1,000,000 00 



ASSET8 IN CANADA. 

Canada 4 per cent stock in deposit with Receiver-General — Par value, 

8100,000; market value $ 105,000 00 

Agents' balances in Canada 3,555 06 

Total assets in Canada > 1 08,555 06 

LIABILITIES IN CANADA. 

Net amount of losses in Canada reported or supposed but not claimed. $ 85 58 

Reserve of unearned premiums for all outstanding risks in Canada 

(approximate) 20,732 00 

Total liabilities in Canada 8 20,817 58 

INCOME IN CANADA. 

Gross cash rpceived for premiums $ 38,248 58 

Deduct reinsurance, rebate, abatement and return-premiums 5,194 56 

Net cash received for premiums $ 33,054 02 

Received for interest or dividends on stock 4,000 00 



Total income in Canada $ 37,054 02 

EXPENDITURE IN CANADA. 

Net amount paid for losses occurring in previous years (which losses were 

estimated in the last statement at $5,877.62) $ 4,265 39 

Amount paid for losses occurring during the year 11,725 00 

JNet amount paid during the year for losses $ 15,990 39 

General expenses 13,409 85 

Total expenditure in Canada $ 29,400 24 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. . 39 

THE CONNECTICUT FIRE— Continued. 

RISKS AND PREMIUMS. 

For Fire Risks in Canada (approximate). Amounts. Premiums 

Gross policies in force at date of last statement $ .4,100,000 3 44,100 00 

Policies taken during the year— new and renewed 3,500,000 38,24!) 00 

Total $ 7,600,000 $82,349 00 

Deduct terminated 3,750,000 42,549 00 

Gross and net in force at 31st December, 1892 $ 3,850,000 $ 39,800 00 

Number of policies in force at date (No return.) 

Total amount in force $3,850,000 00 

Total premiums thereon 39,800 00 

Subscribed and sworn to, 15th February, 1893, by 

GEO. H. McHENEY, 

Chief Agent. 
(Received 18th February, 1893.) 



General Business Statement fob the Year ended 31st December, 1892. 

ASSETS. 

Real estate $ 107,300 00 

Loans on bond and mortgage 787,400 00 

Stocks and bonds — par value, $1,298,800 ; market value 1,589,908 50 

Loans on stocks, bonds, &c, of par value, $5,000 ; market value, $5,000. 4,300 00 

Cash on hand and in banks 145,511 93 

Net premiums in course of collection 164,853 69 

Bills receivable 10,423 69 

Total assets $2,809,697 81 

LIABILITIES. 

Net amount of unpaid losses $ 200,021 07 

Unearned premiums , 1,090,932 50 

Total liabilities, excluding capital stock $1,290,953 57 

Joint stock capital paid up in cash $1,000,000 00 

Surplus beyond capital and all other liabilities , 518,744 24 

INCOME. 

Net cash received for premiums $1,518,236 39 

Interest and dividends 118,223 10 

Total cash income $1,636,459 49 

EXPENDITURE. 

Net amount paid for losses $ 880,466 09 

Dividends to stockholders 80,000 00 

Commission or brokerage 283,817 61 

Salaries, fees and all other charges of officials 116,888 98 

Taxes 31,356 81 

Miscellaneous 112,518 88 

Total cash expenditure .... $1,505,048 37 

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40 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

i 

THE CONNECTICUT FIRE— Concluded. 

RI8KS AND PREMIUMS — FIRE RISKS. 

Written or renewed during the year , $145,859,912 00 

Premiums thereon I 1,825,400 11 

Net in force, 31st December, 189^ 162,049,910 00 

Premiums thereon 2,055,400 30 

Subscribed and sworn to, by 

J. D. BROWNE, 

President 

.CHARLES R. BURT, 

Secretary. 

(Hartford, Conn., 3rd January, 1893.) 



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FIRS AND INLAND MARINE INSURANCE COMPANIES. 41 

THE EASTEBN ASSUEANCE COMPANY OF CANADA. 



Statement for the Year ending 31st December, 1892. 

President — John Doull. 1 Secretary — D. C. Edwards. 

Managing Director — Charles D. Cort. | Head Office — Halifax, N.S. 

(Incorporated, 1888; Organized, 10th July, 1889. Commenced business in Canada, 

10th July, 1889.) 



CAPITAL. 



Amount of joint stock capital authorized and subscribed for $1,000,000 00 

Amount paid up in cash 250, 000 00 

{For list of Stockholders, see Appendix.) 



assets. 



Loans secured by bonds and mortgages on which not more than one 

year's interest is due, constituting a first lien on real estate $ 39,500 00 

Interest accrued and unpaid on said loans 689 09 

Stocks, bonds and debentures:— 

Par value. Market value. 

Province of Nova Scotia bonds $ 50,000 00 $ 50,500 00 

Town of Gait debentures 8,000 00 8,516 00 

City of St. John, N.B., debentures 8,000 00 9,040 00 

City of Ottawa waterworks debentures 50,000 00 50,000 00 

County of Victoria, N.S. do 6,000 00 * 6,180 00 

City of Guelph, Ont. do 5,000 00 5,545 00 

Halifax Gas Light Co., 1st mortgage bonds 20,000 00 20,000 00 

Dominion Cotton Co. do 10,000 00 10,200 00 

City of Halifax, N.S., debentures 10,000 00 10,300 00 

45 shares Bank of Nova Scotia stock 4,500 00 7,425 00 

Town of Wolfville, N.S., debentures 15,000 00 15,180 00 

Town of Sault Ste. Marie do 10,000 00 10,500 00 

Town of Dartmouth, N.S. do 5,000 00 5,075 00 

Nova Scotia Building Society, paid up shares 19,200 00 21,464 94 

Total par and market values $ 2 20,700 00 8 2 2 9,925 94 

Carried out at markot value 229,925 94 

Cash on band at head office 678 74 

Cash in banks, viz. : — • 

Bank of Nova Scotia, Halifax 8 10,717 74 

do Montreal 1,892 94 

Imperial Bank of Canada, Winnipeg 3,131 00 

Bank of Montreal, Vancouver 929 24 

Canadian Bank of Commerce, Toronto 3,416 73 

Total 20,089 65 

Interest accrued and unpaid on stocks and bonds 3,101 64 

Agents' balances 30,706 46 

Office furniture and fittings at head office and branches, including 

insurance maps.. ,. 6,000 00 

Preliminary expense account — balance of cost of organizing and 
equipping the company and establishing its agencies throughout 
Canada — carried forward 5,000 00 

Gross assets $ 335,691 52 

Deduct preliminary expenses, not admitted by the Department 5,000 00 

Net assets * 330,691 52 



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42 DEPARTMENT CF FINANCE — INSURANCE BRANCH. 

EASTERN ASSURANCE— Continued. 

LIABILITIES. 

Net amount of losses adjusted but not due % 1,326 69 

do claimed but not adjusted 26,058 27 

do resisted — not in suit. 300 00 



$ 27,684 96 



Net amount of unsettled claims $ 27,684 96 

Reserve of unearned premiums on all outstanding risks in Canada 105,474 24 

Total liabilities $ 133,159 20 

Capital stock paid up in cash and notes $ 250,000 00 

INCOME. 

Gross cash received for premiums $ 247,708 73 

Deduct reinsurance, rebate, abatement and return-premiums 57,046 15 

Net cash received for premiums $ 190,662 58 

Received for interest and dividends 11,993 29 



Total income $ 202,655 87 

EXPENDITURE. 

Amount paid during the jear for losaes occurring in previous years (which 

losses were estimated m the last statement at 811,573 . 53) $ 15,372 85 

Deduct amount received for reinsurance from other companies 3,860 25 

Net amount paid during the year for said losses $ 11,512 60 

Amount paid for losses occurring during the year $ 118,992 49 

Deduct amount received for reinsurance from other companies 10,670 13 

Net amount paid during the year for said losses $ 108.322 3 6 

Total not amount paid during the j r ear for fire losses , $ 119,834 96 

Commission or brokerage 37,001 08 

Salaries, fees and all other charges of officials * 12,032 93 

Taxes , 1,992 06 

Miscellaneous payments, viz. : — Adjustment and inspection, $5,024.72 ; 
expense account and rent, head office and agencies, $2,959.18; 
printing, stationery and advertising, $2,782.08; underwriters' 
association, $473.84; office furniture, including insurance maps 
and plane, $580.96; legal expenses, $148.74 , 11,969 52 

Total expenditure $ 182,830 55 

CASH ACCOUNT. 
Dr. 

Dec. 31, 1891 — To balance in hand and in banks as at this date $ 26,014 81 

Dec. 31, 1892— To income as above 202,655 87 



$ 228,670 68 



Cr. 

Dec. 31, 1892— By expenditure as above $ 182,830 55 

By investments during the year : 25,071 74 

Balance on hand and in banks 20,768 39 



$ 228,670 68 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 43 

EASTERN ASSUBANOE-CtoicZuieA 

RISKS AND PREMIUMS. 

Fire Bisks in Canada. Amount. ^ereo™ 8 

Grogs policies in force at date of last statement 8 11,418,655 $ 159,455 63 

Taken during the year, new and renewed 21,295,899 247,256 78 

Total S 32,714,554 $ 406,712 41 

Deduct terminated 13,754,176 168,932 18 

Gross in force at end of year $ 18,960,378 $237,780 23 

Deduct reinsured 1,663,962 26,803 23 

Net in force, 31st December, 1892 § 17,296,416 $ J5JM77 oo 



Total number of policies in force at date (No return.) 

Total net amount in force $17,296,416 00 

Total premiums thereon 210,977 00 



Subscribed and sworn to, 23rd February, 1893, by 

CHAELES D. CORY. 

Managing Director. 

D. C. EDWARDS, 

Secretary. 
(Received, 27th February, 1893.) 



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44 DEPARTMENT OP FINANCE — INSURANCE BRANCH. 

THE EMPLOYEES' LIABILITY ASSURANCE CORPORATION (LIMITED). 



Statement for the Year ending 31st December, 1892. 
Chairman — Lord Claud Hamilton. | General Manager — S. Stanley Brown. 

Principal Office — London, Eng. 
Agent in Canada — F. Stancliffe. | Head Office in Canada — Montreal. 

(Incorporated 25th October, 1880 ; Commenced business in Canada,. 11th June,1886.) 



capital. 



Amount of joint stock capital authorized £ 1,000,000 

Amount subscribed for 750,000 

Amount paid up in cash 150,000 



ASSETS IN CANADA. 

Stocks and bonds deposited with the Receiver-General, viz. : — 

Par Value. 

2^ per cent annuities £ 6,500 

South Australian Government 4 per cent bonds 5,000 

Province of Quebec bonds 10,840 

£ 22,340 



Carried out at par value $ 108,721 33 

Cash on hand at head office 200 00 

Cash in Bank of Montreal 5,669 79 

Balances due the company 8,193 52 

Office furniture and plans (say) 400 00 

Total assets in Canada $ 123,184 64 

LIABILITIES IN CANADA. ' 

Net amount of fire losses claimed, but not adjusted S 12,269 98 



Total net amount of unsettled claims for fire losses in Canada $ 12,269 98 

Ee6orve of unearned premiums upon all unexpired fire risks in Canada 41,754 20 
Sundry ". 200 00 



Total liabilities in Canada $ 54,224 18 



INCOME IN CANADA. 

Gross cash received for premiums , t $ 82,675 49 

Deduct rebate, abatement and return-premiums 5,717 74 

Net premium income $ 76,957 75 

Total income in Canada i $ 76,957 75 



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FIRE AND INLAND MARINE INSURANCE C0MPANIE8. 45 

THE EMPLOYERS' LIABILITY— Continued. 

EXPENDITURE IN CANADA. 

Amount paid during the year for losses occurring in previous years (which 

loswes were estimated in the last statement at 17,387.99) $ 7,207 22 

Amount paid for losses occurring during the year $ 44,480 52 

Deduct savings and salvage 39 03 

Net amount paid during the year for the said losses $ 44,441 49 

Net amount paid during the year for losses ...$ 51,648 71 

Commission or brokerage in Canada 13,116 10 

Salaries, fees and all other charges of officials 2/717 50 

Taxes in Canada 1,188 89 

Miscellaneous payments, viz. : — 

Printing and stationery, $33.00; rent, $200.00 ; charges, insurance 
plans, &c, $179.50 j postage, telegrams, &c, $76.76 ; interest, 
$5.27 494 53 

Total expenditure in Canada $ 74,165 73 

BISKS AND PREMIUMS. 
Fire Bisks in Camxda. Amount. ^^^" 

(truss policies in force at date of last statement $ 5,301,206 $ 69,082 81 

Taken during the year, new and renewed 6,340,912 84,957 37 

Total 8 11,642,118 $154,940 18 

Deduct terminated 5,507,227 70,900 96 

Gross and net in force on 31st Dec., 1892 $ 6,134,891 $ 84,039 22 

Total number of policies in force in Canada at date ..(No return) 

Total net amount in force $6,134,891 00 

Total premiums thereon __ 84,039 22 

Subscribed and sworn to, 7th March, 1893, by 

F. STANCLIFPE, 
(Received, 8th March, 1893.) Chief Agent. 



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46 



DEPARTMENT OP FINANCE — IN8URANOE BRANCH. 

THE EMPLOYERS' LIABILITY— Continued. 



General Business Statement for the Year ending 31st March, 1893. 
• (Abstracted from the Directors' Report, London, Eng., llth May, 1893.) 

The premiums of the year were £250,045, against £248,643 in the previous 
account. The new accident premiums, although trade conditions have • required 
rebates to the assured in the employers' liability department, more than make up 
for the fire premiums (amounting to £8,544 in last account), which no longer con- 
tribute to the revenue. 

The keen competition and the necessity for preparation for the new Employers' 
Liability Act render it difficult to reduce the rate of expense, but this remains a 
subject of first consideration with the directors, and to assist them in attaining that 
object they have deemed it advisable not to state the accounts with so much detail 
as in the past. 

# The investments (at cost), loans, cash in hand, on deposit, and in bank, with 
the balances due, represented a total of £334,648. The present depreciation in the 
market value does not exceed 3f per cent, and this is fully provided for in the 
reserves. 

The balance of this year's account is £151,330. Of this amount the directors, 
after making ample provision for current policies and general reserves (including 
one for depreciation of securities) recommend a dividend of 4s. per share (free of 
income tax), equal to 10 per cent on the paid-up capital for the past year. 

A Bill for the amendment of the Employers' Liability Act, 1880, has been intro- 
duced as a Government measure, and if, as may be anticipated, it becomes law, the 
directors will proceed to give immediate effect to the policy that has been so long 
in preparation in view of that event. 



Eevenue Account, 1st April, 1892, to 31st March, 1893. 



£ S. d. 

Balance of last year's account 139,028 9 5 

Less— Dividend declared 12th May, 

1892 10,833 6 8 



Revenue of the year— 
Premiums, less txmus 
and returns to the 
assured and reas- 
surance £250,045 

Interest 10,233 

Transfer fees 40 



£128,195 2 9 



Profits on exchange . 



234 14 11 



260,553 5 11 



Realized profits on investments 1,363 14 5 



£390,112 3 1 



£ s. d. 

Charges against revenue of the year- 
Directors' and audi- 
tors' fees £ 2,605 

Salaries and house 
expenses..* 7,674 4 

Rent and rates 2,054 15 1 

Taxes (home and for- 
eign) 4,331 5 7 

Advertising 3,726 12 5 

Hooks ana station- 
ery 3,560 4 

Legal costs and pro- 
fessional fees 1,077 19 1 

Branch and agency 
office charges 2,736 17 9 

Postage and parcels. 311 12 9 

Travelling (inspec-' 
tion, &c) 5,020 2 5 

Total expenses. .£ 33,098 13 I 
Commission and 
Losses lwiid and ' 

outstanding 204,543 10 2 

Depreciation of fur- 
niture 811 9 11 

Bad debts 328 

238,781 13 2 

Balance of this year's account 151,330 9 11 

0,112 3 1 



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FIRE AND INLAND MARINE IN8URANCE COMPANIES. 



47 



Dr. 



THE EMPLOYERS' LIABILITY— Concluded. 
Balance Sheet, 31st March, 1893. 



Cb. 



Shareholders' Capital— 75,000 
shares at £10 each : . £750,000 



To Capital called up — 

75,000 shares at £2 per share ..... 
Special Reserve (being premium 

on new issues of shares) 

Outstanding liabilities, including 

losses and commission 

Branch and agency balances ..... 
Amounts due to other companies . 
Balance of revenue account 



s. d. £ s. d. 

By Investments — at Cost — ■ 

British Government and bank 

stocks 10,399 16 7 

Indian and Colonial Government 

securities 36,340 19 6 

Foreign Government securities. . . 50,143 14 4 
Foreign and Colonial municipal 

securities 83,931 16 

Rail way and other debentures and 

debenture stocks 109,426 6 

Railway and other preference 

stocks 3,969 14 

Loans on mortgages and other 

securities .: 9,586 18 6 

Fixed deposits 1,659 19 6 



150,000 

25,000 

75,726 10 
544 16 
14,460 12 
151,330 9 11 



£305,459 4 5 



By Branch and agency balances 76,211 9 2 



Amounts due from other companies 5,597 16 

Outstanding premiums 4,969 6 

Interest accrued 3,140 8 

Furniture, fittings, &c 3,062 18 

Cash at bankers' .... £1 8,572 7 10 

In hand 48 18 4 

18,621 6 



£417,062 9 1 



£417,062 9 1 



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48 DEPARTMENT OF FINANCE — 1N8URANCK BRANCH. 

*THE FIRE INSURANCE ASSOCIATION (LIMITED). 



Statement for the Year ending 31st December, 1892. 
President — Henry Hicks. | General Manager — David Lawrje, 

Principal Office — 90 Cannon Street, London, E.C., England. 
Manager in Canada — J. Kennedy. | Head Office in Canada — Montreal. 

^Incorporated, 18th March, 1880; commenced business in Canada, December, 1880.) 



capital. 



Amount of capital authorized and subscribed for £800,000 $3,893,333 33 

Amount paid up in cash 243,333 33 



ASSETS IN CANADA. 

Stock in deposit with Receiver-General, viz. : — 

Par value. Market value. 
Canada 4 per cent stock 8 100,000 00 $ 106,000 00 

Carried out at market value $ 106,000 00 

Cash in Bank of Montreal 841 21 

Cash in hands of agents in Canada 10,302 HO 

Office furniture and plans 2,600 00 

Total assets in Canada $ 119,743 81 



LIABILITIES IN CANADA. 

Net amount of losses in Canada, adjusted but not due, claimed but not 

adjusted and reported or supposed but not claimed . . $ 6,818 00 

Net amount of losses resisted — not in suit 2,600 00 



Total amount of unsettled claims for losses in Canada $ 9,418 00 

Beserve of unearned premiums for all outstanding risks in Canada 79,802 30 

Total liabilities in Canada $ 89,220 30 

INCOME IN CANADA. 

Gross cash received for premiums $ 117,556 66 

Deduct reinsurance, rebate, abatement and return- premiums 12,340 30 



Net cash received for said premiums $ 105,216 36 

•{•Received for interest on deposit 4,000 00 

Sundry 3,076 93 

Total income inCanada 8 112,293 29 



* The name of this association has been changed by a resolution of the shareholders and directors at an 
extraordinary general meeting held on 31st March, 1893, and it is now known as the Albion Fire Insurance 
Association (Limited). • 

tPaid direct to the head office in London. 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 49 

THE FIRE INSURANCE ASSOCIATION— Continued. 

EXPENDITURE IN CANADA. 

Amount paid during the year for losses occurring in previous years (which 

losses were estimated in last statement at $5,769) $ 7,153 77 

Deduct amount received for reinsurance 1,442 15 

Net amount paid during the year for the said losses $ 5,71162 

Amount paid for losses occurring during the year $ 85,690 60 

Deduct amount received for reinsurance 678 68 



Net amount paid during the year for said losses $ 85,011 ' 



Total net amount paid daring the year for losses in Canada $ 90,723 54 

Commission or brokerage in Canada 17,225 85 

Salaries, fees and all other charges of officials in Canada 8,398 91 

Taxes in Canada 2,218 18 

Miscellaneous payments, viz.: — Agency charges, $1,162.55 ; advertis- 
ing, $376.47; rents, 8812.48; printing and stationery, 8978.76; 
travelling expenses, 82,055.62 ; insurance boards, 8337.48 ; plans, 
8228.45, sundry expenses, 8369.80 6,321 61 

Total expenditure in Canada 8124,8 88 09 

RISKS AND PREMIUMS. 

a mft „„* Premiums 

Amount. thepeon 

Gross policies in force at date of last statement 8 14,480,609 $ 156,788 74 

Policies taken during the year— new 10,770,791 120,185 88 

Total $ 25,251,300 3 276,974 62 

Deduct terminated 10,293,820 114,796 98 

Gross in force at end of year 3 14,957,480 $162,177 64 

Deduct reinsured 285,570 3,339 29 



Net in force at 31st December, 1892 $ 14,671,910 $ 158,838 35 



Total number of policies in force in Canada at date No return. 

Total amount in force 814,671,910 00 

Total premiums thereon 158,838 35 

Subscribed and sworn to, 2nd March, 1893, by 

J. KENNEDY, 

Manager for Canada. 
(fieceived, 3rd March, 1893.) 



Gbniral Business Statement fob the Year ending 31st December, 1892. 
(Abstracted from the Directors 1 Report, London, England, 2Ut March, 1893.) 

The net premiums for the year amounted to £103,225, as against £89,502 for 
the previous year, while the losses paid, and outstanding, amounted to £68,299 against 
£55,009. 

The general "expenses of management and commissions together bear almost 
exactly the same ratio to the premium income as did the corresponding items in 
the previous account. 

The year 1892 has been a most unfavourable one for fire insurance business 
generally, and it is well known that many companies have found it necessary to 

4—4 



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DEPARTMENT OP FINANCE — INSURANCE BRANCH. 



THE FIEE INSURANCE ASSOCIATION— Concluded. 

draw upon their reserves to meet their losses. In those circumstances the directors 
are pleased that they have been enabled to close the year with a slight addition to 
the net balance brought forward from 1891. 

Although the fire and general reserve fund is more than sufficient to cover the 
unexpired risks, the directors think it would not be prudent to reduce the amount, 
and therefore regret that they are unable to recommend the payment of a dividend 
on this occasion. 

It has frequently been suggested that the name of the company might with 
advantage be changed, and the directors have found that the indefinite character of 
the present title has a tendency to create misunderstandings and raise difficulties in 
connection with the extension of the business. They are therefore of opipion that 
a change, which they believe will be beneficial, should no longer be delayed, and 
have to propose that the word "Albion " be added to the title, making it the Albion 
Fire Insurance Association, Limited. To carry out this change it will be necessary 
to hold an extraordinary general meeting of the company, of which formal notice is 
enclosed ; and if the resolution then to be proposed is adopted, another meeting to 
confirm it will be called in due course. 



INCOME AND EXPENDITURE ACCOUNT, 1892. 

£ 8. d. 
To Balance brought for- 
ward from 1891 . . ..£ 48,001 18 9 
Leas dividends.. 2,500 

45,501 18 9 

Premiums — 



Gross £120,074 4 6 

Less reinsurances. . 16,848 5 10 



-103,225 18 8 
Interest on investments and transfer 
fees 3,202 12 3 



£ s. d. 
By Losses paid and outstanding at 31st 

December, 1892 68,299 7 

Commissions at head office and 
branches, including contingent 
commissions 20,958 18 1 

General exi>enses at head office and 
branches, including salaries, rents, 
printing and stationery, &c* 15,493 7 

Fire brigades, salvage corps, tariff 
subscriptions, state and local 
taxes, &c 1,034 1 11 

Balances irrecoverable written off . 27 1 

Loss on exchange 67 12 

Fire and general reserve fund, car- 
ried forward to 1893 46,050 



£151,930 9 8 



£151,930 9 



* No directors' fees were drawn during the year. 

Balance Sheet, 31st December, 1892. 



LIABILITIES. 

Capital, £800,000, in 100,000 shares of 
£8 each, of which 10 shillings i>er 
share paid up 

Fire and general reserve fund 

Investment reserve fund 

Unclaimed dividends 

Losses outstanding at 
31st December £17,245 7 7 

Other liabilities 7,142 14 7 



s. d. 



50,000 

46,a50 

1,0(30 13 

15 19 



24,388 2 2 



ASSETS. 

Investments taken at market value — 
Brooklyn city 3 per cent 

bonds £41,506 17 

Canada inscribed stock. 21,857 17 7 

Newark water bonds. . . 10,582 3 10 
Lake Erie and Western * 

Railway bonds 2,224 6 3 

Austrian silver rentes. . 9,922 

Consols 2,940 

India 3 i*»r cent stock. . 2,940 
Indian railway guaran- 
teed debentures 3,016 18 

Salvage corps premises. 350 



d. 



95,340 



Cash in hand and at bank 3,261 

Premiums in course of collection at 

head office 2,018 2 4 

Balance of branch, agents and guaran- 
tee accounts outstanding 18,051 17 11 

Accrued interest outstanding 1,001 1 7 

Furniture and fittings at head office 

and branches 2,046 19 4 

Less 10 per cent writ- 
ten off 204 14 

1,842 5 4 



£121,514 15 6 



£121,514 15 



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FIBE AND INLAND MARINE INSURANCE COMPANIES. 51 

THE GUAEDIAN FLRE AND LIFE ASSURANCE COMPANY. 



Statement for the Year ending 31st December, 1892. 
Chairman — Geo. Lake, Esq. | Manager Fire Dep't.—&> J. Eel ton. 

Principal Office — London, England. 
Head Office in Canada — Montreal. | Agent in Canada — E. P. Heaton. 

(Established 17th December, 1821. Commenced business in Canada, 1st May, 1869.) 



CAPITAL. 



Amount of joint 6tock capital authorized and subscribed 

for £2,000,000 stg...$9,733,333 33 

Amount paid up in cash 1,000,000 " ... 4,866,666 67 



ASSETS IN CANADA. 

Value of real estate (less encumbrances) in Canada (building 181 St. 

James St., Montreal) $ 100,000 00 

Bonds in deposit with Receiver-General, for fire business, viz. — 

Par value. Market value. 

Canada 4 per cent guaranteed loan $ 41,366 67 $ 43,64184 

Intercolonial Railway 5 per cent guaranteed loan . . 53,533 33 57,815 99 

Dominion of Canada 4 per cent inscribed stock 24,333 33 25,550 02 

do do do 48,666 67 51,100 03 

Total par and market values 8 167,900 00 g 178,107 88 

Carried out at market value t.$ 178,107 88 

Gash on hand at head office in Canada 2,735 85 

Cash in bank, viz. : — 

Merchants Bank of Canada (general account) s $ 10,210 83 

do do manager's account 184 69 

Total.:. , 10,395 52 

Cash in the hands of agents in Canada 37,183 52 

Dae for reinsurance of losses paid 315 52 

Furniture 1,885 95 

Mapsand plans 3,679 69 

Total assets in Canada < 334,303 93 

LIABILITIES IN CANADA. 

Net amount of losses adjusted but not due $ 934 25) 

do claimed but not adjusted 652 00 

do resisted, in suit 7,416 00 



Total amount of unsettled claims for losses in Canada S 9,002 29 

Beserve of unearned premiums for all outstanding fire risks in Canada .. 205,614 70 

Total liabilities in Canada 8 214,616 99 

INCOME IN CANADA. 

Irfws cash received for fire premiums $ 435,570 11 

Deduct reinsurance, rebate, abatement and return-premiums 64,094 18 

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52 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

GUAEDIAN FIHE AND LIFE— Continued. 

*Net cash received for fire premiums $ 371,475 93 

fReceived for dividend* on stock ; 5,304 67 

Rent 2,074 54 

Interest 28 71 

Total cash income in Canada ~ $ 378,883 85 

EXPENDITURE IN CANADA. 

Paid for losses occurring in previous years (which losses were estimated in 

the last statement at 87,ol7.36) 8 9,575 22 

Paid for losses oocuring during the year $ 233,851 00 

Deduct amount received for reinsurance 50,397 35 

Net amount paid during the year for said losses 8 183,453 65 

Net amount paid daring the year for fire losses $ 193.028 87 

Commision or brokerage 85,788 35 

Salaries, fees, and all other charges of officials in Cauada 24,852 47 

Taxes 3,219 95 

Miscellaneous payments, viz.: — 

Dominion Government assessment, $93.69; travelling expenses, 
$2,433.44; tariff association charges, $657.10; advertising, 
$3,618.05; postage, telegrams, telephones, express charges and 
exchange, $3,019.69 ; printing and stationery, $4,523.31 ; maps 
and plans, $1,432.05; office furniture, $594.10; rents, $3,586.70; 
gas, water, light, &c, $586.09; sundries, $891.79 21,436 01 

Total cash expenditure in Canada $ 328,325 65 

RISKS AND PREMIUMS. 

Fire Ritks in Canada. No. Amount. ^hSreS" 

Gross policies in force at date of last statement 13,344 $22,669,111 $256,339 54 

JTaken during the year— new and renewed 17,540 61,910,261 498,587 00 



Total 30,884 $84,579,372 $754,926 54 

Deduct terminated 10,349 38,652,256 305,295 14 

Gross in force at end of year 20,535 $45,927,116 $449,631 40 

Deduct reinsured 7,421,591 73,565 65 



Net in force at Slut December, 1892 .... 20,535 $38,505,525 $376,065 75 



Total number of policies in force in Canada at date 20,535 

Total net amount in force $38,505,525 00 

Total premiums thereon 376,065 75 

Subscribed and sworn to, 27th February, 1893, by 

E. P. HEATON, 

Chief Agent. 

(Eeceivod, 2nd March, 1893.) 



* Including amount received for reinsuring the business of the Citizen's Insurance Co., $134,859.37 

tPaid direct to the head office in London. 

^Including, $32,317,931, and $166,720.91 gross amount reinsured from Citizens' Insurance Co 



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FIRE AND INLAND MARINE IN8URANCE COMPANIES. 53 

GUARDIAN FIRE AND LIFE— Continued. 

General Business Statement for the Year ending 31st December. 1891. 

(Abstracted from the Directors' .Report, London, Eng., 1st June, 1892.) 

Fire Department. 

The fire premiums, after deducting reinsurances, amounted to £568,279 5s. 7d., 
being £11,004 13s. 9d. less than the year 1890, and the losses to £369,714 6s. lOd. 
The premium account aftef providing for losses and expenses, and for the premium 
reserve fund to cover the unexpired liability on policies current at the end of the 
year, shows, without refereuce to interest, a profit of only £2,851 19s. lid. This 
sum is increased by interest to £28,353 7s. 7d., against which has been debited the 
sum of £8,227 12s. 2d., being the cost of acquiring the good-will and business of cer- 
tain local fire assurance companies, and also a loss on investments realized of £999 
108. 10d., leaving a balance of £19,126 49. 7d. which the directors recommend should 
be transferred to the proprietors' account. 

The premium reserve fond to cover unexpired policies amounts to £288,100 
and, owing to the diminished liability, is less by £4,600 than the sum brought for- 
ward from the previous year. The fire general reserve fund remains at £390,000, 
making the total fire fund £678,100. 

PROPRIETORS* CAPITAL ACCOUNT AND DIVIDEND. 

Ftoil the profit and loss account it will apj>ear that after paying the 
dividends of 1891, the balance (which included £36,000 proprietors' 

life profit reserved) amounted to £ 68,558 6 3 

Interest on paid up capital and transfer fees 42,240 1 5 

Transfer from fire revenue account 19,126 4 7 

Total £110,924 11 3 

Proposed dividend at 8J per cent, free of income tax 85,000 

(of which £25,000 has already been paid as interim dividend) 
Balance carried forward to 1892 :— 

Life profits, reserved £ 24,000 

Net balance 10,924 11 3 

£34,924 11 3 



Tbe proposed dividend, which is the same as that paid in 1891 and 1890, will 
reduce the net balance carried forward, exclusive of reserved life profits, by £11,633 
14s., as compared with last year. 

The directors therefore recommend to the proprietors that a dividend be 
declared on each share of the subscription capital for the year ending the 31st 
December, 1891, of £4 5s., being at the rate of 8J per cent, on the paid-up capital; 
and that, £1 5s. on each share havjng been paid as an interim dividend in January 
last, the balance of £3 on each share, be paid on Friday, the 1st July next, free of 
income tax. 



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54 



DEPARTMENT OF FINANCE—INSURANCE BRANCH. 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 

GUARDIAN FIRE AND LIFE— Concluded. 



FIRE DEPARTMENT. 



Fire assurance fund, at the end of 
the year, as per fire insurance 
revenue account 

Fire losses outstanding* 

Reinsurance premiums due to other 



678,100 
57,944 



Expenses of management due* 

Bills payable* 

Profit and loss : Balance due to 
proprietors 



25,875 4 7 
6,163 15 6 
2,110 13 10 

19,126 4 7 



* These items aie included in the 
corresponding items of the fire 
revenue account. 



Mortgages on property in New York 

city 

Investments : — 
British Government securities. . . 
Metropolitan consolidated stocks. 
Indian and Colonial Government 

securities 

United States Government regis- 
tered bonds 

Colonial corporation securities . . . 

Foreign corporation securities. . . 

Foreign Government securities, 

deposits for license to transact 

fire insurance 

Railway and other debentures 

and debenture stocks 

Railway preference stocks .... 
Indian railway stocks (guaranteed 

by Indian Government) 

Indian railway bonds (guaranteed) 
Salvage cor]** (share of houses). . . 
House projxjrty (freehold offices). 
House projjerty (leasehold offices) 

Agents' balances 

Reinsurance premiums due from 

other companies 

Outstanding interest, due and ac- 
crued 

Cash— On deposit.... €25,500 
In hand and on 
current acc't. 34,673 19 9 



55 



£ s. d. 

45,200 

48,342 7 
49,847 10 11 

68,704 13 4 

9 

34,865 
15,090 
55,000 

3,768 17 6 

170,783 7 2 
9,820 12 4 

62,824 16 8 

35,787 10 
3,608 12 

10,464 
2,450 10 10 

94,701 8 7 

3,947 15 
7,816 3 10 



Bills receivable^— Agents' remit- 
tances, &g 



£ 789,319 18 6 



60,173 19 9 
6,122 13 7 
£ 789,319 18 6 



PROPRIETORS* CAPITAL ACCOUNT. 



Proprietors' capital £2,000,000. 

20,000 shares of £100 each, £50 

paid 1,000,000 

Profit and loss account 119,924 11 

Unpaid dividends and bonuses to 

proprietors* 3,642 5 



d. 



*This item is included in the cor- 
responding item of the revenue 
account. 



£ s. d. 
Mortgages on property within the 

United Kingdom 467,712 6 & 

Mortgages of life interests, with 

policies 5,850 

Investments :— 
Canada Dominion bonds (guaran- 
teed by British Government). . 91,719 18 4 
Indian and Colonial Government 

securities 99,750 18 9 

United States Government regis- 
tered bonds 56,205 19 1 

Indian railway debenture stock 
(guaranteed by Indian Govern- 
ment) 25,000 

Railway and other debentures 

and debenture stocks 225,969 14 10 

Railway preference shares 11,913 2 10 

House property (freehold offices). 32,965 
House property (leasehold offices) 4,621 9 2 

Terminable rent charges on land. 23,876 3 7 
Charges on local and public rates 7,902 17 2 

Leasehold ground rents 10,799 13 

Balance of profit due from fire fund 19,126 4 7 
Outstanding interest, due and ac- 
crued 12,309 4 2 

Cash— On deposit £25,000 

On current acc't. 2,844 4 4 



27,844 4 4 



labilities, life department 

Grand total 



£1,123,566 16 6 
. 2,595,733 13 11 Assets, life department. 



...£4,508,620 8 11 



Grand total. 



£1,123,566 16 6 
. . 2,595,733 13 11 

..£4,508,620 8 11 



Note.— In accordance with the Company's deed of settlement, the accounts of the life assurance fund, 
toe fnv insurance fund and the proprietor's capital fund are kept as distinct accounts, and the respective 
****« are invested in the names of separate sets of trustees. 



56 DEPARTMENT OF FINAN0E — INSURANCE BRANCH. 

HARTFORD FIRE INSURANCE COMPANY. 



Statement fob the Year ending 31st December, 1892. 
President — Geo. L. Chase. | Secretary — P. C. Rotce. 

Principal Office — Hartford, Conn., U.S. 

Qhief Agent in Canada— Peter A. McCallum, Toronto. Head Office in Canada — Toronto. 

(Incorporated, May, 1810. Commenced business in Cauada, 1836.) 



CAPITAL. 



Amount of capital authorized $3,000,000 00 

Subscribed for and paid up in cash 1,250,000 00 



ASSETS IN CANADA. 

Stocks and bonds in deposit with Receiver-General : — 

Montreal corporation, 4 i»r cent bonds $ 62,500 00 ft 65,625 00 

Ontario bank stock, 541 shares 5,420 00 6,341 40 

Bank of Montreal stock, 100 shares 20,000 00 46,600 00 

Total par and market values * 87,920 00 $ 118,566 40 



Carried out at market value*. $ 118,566 40 

Cash in the hands of agents in Canada 9,255 06 



Total assets in Canada $ 127,821 46 

LIABILITIES IN CANADA. 

Net amount of fire losses in Canada, unsettled but not resisted $ 8,890 36 

do do resisted, not in suit 423 00 

Total net amount of unsettled claims for fire losses in Canada 8 9,313 36 

Reserve of unearned premiums for all outstanding fire risks in Canada 89,453 74 



Total liabilities in Canada .$ 98,767 1 

INCOME IN CANADA. 

Gross cash received for premiums 8 163,868 33 

Deduct reinsurance and return-premiums 19,385 64 

Net cash received for fire premiums $ 144,482 69 

do interest and dividends 8,319 68 



Total cash income in Canada $ 152,802 37 

EXPENDITURE IN CANADA. 

Paid during the year for fire losses occurring in previous years (which losses 

were estimated in last statement at 96,249.48) $ 4,706 25 

Paid for fije losses occurring during the year $ 76,755 03 

Deduct amount received for reinsurance 8,744 44 

Net amount paid for said losses 68,010 59 

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FIRE AND INLAND MARINE INSURANCE 0OMPANIE8. 57 

HAfiTFORD FIRE INSURANCE COMPANY— Continued. 

Total net amount paid during tho year for fire losses $ 72,715 84 

Commission or brokerage 23,112 40 

Salaries, fees, &o 3,523 55 

Taxes in Canada 2,589 10 

General expenses 3,260 50 

Total expenditure in Canada $ 105,201 39 

RISKS AND PREMIUM8. 

Fire Bisks in Canada. No. Amount. Premiums. 

Gross policies in force at date of laat statement .... 13,830 $ 16,656,193 3 176,346 25 
Taken during the year, new and renewed 14,350 14,895,760 163,868 33 

Total. 28,180 $81,551,953 8 340,214 58 

Deduct terminated 13,520 14,637,570 162,582 08 



GrosB in force at end of year 14,660 $ 16,914,383 $177,632 50 

Deduct reinsured 733,185 7,825 02 



Net in force at 31st December, 1892 14,660 $ 16,181,198 8 169, 8 07 48 

Total number of policies in force in Canada at date 14,660 

Total net amount in force .' $16,181,198 00 

Total premiums thereon -.... 169,807 48 

Subscribed and sworn to, 26th January, 1893, by 

PETER A. McCALLUM, 
(Received, 28th January, 1893.) Chief Agent. 



Genebal Business Statement for the Year ending 31st December, 1892. 

{As returned to the Insurance Commissioner for the State of Connecticut.) 

assets. 

Real estate $ 366,575 60 

Loans on bonds and mortgages ^ 1,231,500 00 

Interest accrued thereon 17,954 05 

Stocks and bonds, par value, $3,593,266.00; market value 4,483,570 00 

Loans on stocks, bonds, &c, of par value, $121,200; market value, 

•125,050; amount loaned... 80,201 57 

Interest due and accrued on collateral loan and bank deposits 1,616 82 

Caah in hand and in banks 257.078 16 

Gross premiums in course of collection 653,215 16 

Rents due and accrued 1,336 18 

State tax due from non-resident stockholders 16,777 95 

Total assets $7/109,825^49 

LIABILITIES. 

Net amount of unpaid losses $ 380,686 42 

Unearned premiums 2,843,804 53 

Other liabilities 52,500 00 

Total liabilities, excluding capital stock $3, 276,990 9 5 

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58 DEPARTMENT OF FINANCE — IN8URANCE BRANCH. 

HARTFORD FIRE INSURANCE COMPANY— Concluded. 

Capital stock paid up in cash $1,250,000 00 

Surplus beyond liabilities and capital stock 2,582,834 54 

INCOME. 

Net cash roceived for pnemiums 93,557,421 26 

Interest and dividends 286,258 85 

Other income — rents.. 8,590 32 

Total cash income $3,852,270 43 

EXPENDITURE. 

Net amount paid for losses 82,101,666 03 

Dividends to stockholders 30o,000 00 

Commission or brokerage * .. 574.228 69 

Salaries, fees and other charges of officials 235,353 06 

Taxes 64,122 86 

Miscellaneous 262,564 48 

Total cash expenditure ! 83,537,935 12 



RISKS AND PREMIUM8 — FIRE RISKS. 

Written or renewed during the yefer, amount $335,153,084 00 

Premiums thereon 4,213,566 36 

Net in force, 31st December, 1892 456,321,163 00 

Premiums thereon 5,491,876 22 

Subscribed and sworn to, by 

GEO. L. CHASE, 

President. 

P. C. ROTCE, 

Secretary. 

Hartford, Coun., 12th January, 1893. 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 59 

THE IMPERIAL INSURANCE COMPANY (LIMITED) OP LONDON, ENG. 

Statement fob the Tear ending 31st December, 181)2. 
Chairman — Alexander Lawrie, Esq. | General Manager — E. Cozens Smith. 

Principal Office — London, Eng. 
Resident Manager in Canada— E. D. Lacy. | Head Office in Canada — Montreal. 

(Established, 12th February, 1803. Commenced business in Canada, A.D. 1864.) 

capital. 

Amount of joint stock capital authorized (including 

£400,000 capitalized profits) £1,600,000 stg.$7,786,666 67 

Amount subscribed for 1,200,000 u 5,840,000 00 

Amount paid up in cash 300,000 u 1,460,000 00 



ASSETS IN CANADA. 

Real estate in Canada owned by the company, viz. : — 

Building and ground situate corner St. James Street and Place 
d'Armes Hill, Montreal, occupied by the company and tenants 

as offices $ 359,838 78 

Building situate corner of Prince William Street and Market 
Square, St. John, N.B., occupied by the company and tenants 
as offices 17,339 39 

Total real estate 8 377,178 17 

Stocks and bonds owned by the company : — 

Par value. Market value. 

Canada 4 per cent inscribed stock $ 100,253 33 $ 105,266 00 

do 3£ do do 20,200 00 28,908 00 

British Columbia 3 per cent inscribed stock 63,266 67 63,266 67 

Total par and market values .. .. 8 192,720 00 $ 197,440 67 

Carried out at market value (deposited with Keceiver-G-eneral) 197,440 67 

Cash on hand at head office in Canada 2,417 38 

Cash in Banks, viz.: — 

Bank of British North America, Montreal $ 13,012 85 

Bank of Montreal 1,800 00 

Total cash in banks 14,812 85 

Agents' balances and outstanding premiums 16,553 05 

Rentsdue '. 715 16, 

Office furniture and plans 4,000 00 

Total assets in Canada $ 613,117 28 

LIABILITIES IN CANADA. 

Net amount of losses in Canada, claimed but not adjusted $ 10,769 76 

do do resisted— not in suit .... 2,437 50 

Total net amount of unsettled claims for fire losses in Canada. . 8 13,207 26 
Beserve of unearned premiums for all outstanding fire risks in Canada. 143,1 12 32 
Doe and accrued for general expenses, &c 107 43 

Total liabilities in Canada $ 156,427 01 



60 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

IMPERIAL— Continued. 

INCOME IN CANADA. 

t 

Gross cash received for fire premiums 8 224,130 86 

Deduct reinsurance, rebate, abatement and return-premiums 22,953 55 

Net cash received for fire premiums 8 201,177 31 

*Add dividends on stock deposited with Receiver-General 6,930 13 

Interest on bank account 136 77 

Rents 6,907 89 

Sundry 263 36 

Total cash income in Canada $ 215,415 46 

EXPENDITURE IN CANADA. 

Amount |»id during the year for losses occurring in previous years (which 

losses were estimated in last statement at $4,869 79) 8 4,808 49 

Paid for fire losses occurring during the year 8 89,58113 

Deduct amount received for savings and salvage and reassurances 1,350 64 

Net amount paid for losses 8 88,230 49 

Total net amount paid during the year for fire losses in Canada 8 93,038 98 

Paid for commission or brokerage 28,407 33 

do salaries, fees, &c 17,376 09 

do taxes in Canada 3,643 07 

Miscellaneous payments 12,571 85 

Total cash expenditure in Canada $ 155,037 32 

RI8K8 AND PREMIUMS. 

Fire Risks in Canada. No. Amount. Premiums. 

Gross policies in force at date of last statement .... 14,977 $ 25,081,712 $ 285,748 71 

Taken during the year -new 4.570 7,878,467 89,051 46 

do renewed 6,386 11,409,531 139,383 30 

Total 25,933 $44,369,710 $514,183 47 

Deduct terminated 10,593 18,749,980 221,408 83 

Gross in force at end of year 15,340 $ 26,619,730 $292,774 64 

Deduct reinsured 784,393 9,036 74 



Net in force at 31st December, 1892 15,340 8 24,835,337 8 283,737 90 

\Total number of policies in force in Canada at date 15,340 

Total net amount in force $24,835,337 00 

Total premiums thereon 283,737 90 



Subscribed and sworn to, 1st March, 1893, by 
(Received, 2nd March, 1893.) 



EDGAR D. LACY, 
Resident Manager and Chief Agent. 



* These are paid direct to the head office in London. 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 61 

IMPEEIAL— Continued. 

General Business Statement for the Year ending 31st December, 1891. 

(Abstracted from the Directors" Report, London, 2nd June, 1892.) 

In sequence to the Act of Parliament obtained in 1891, this Company was, on 
21st December last, Eegistered under " The Companies Acts, 1862 to 1890," with 
limited liability and new Articles of Association, in conformity with which the 
Directors submit the following Eeport for the year ending 31st December, 1891, 
together with the accounts and balance sheet and the auditors' report thereon. 

The net premiums of 1891 amounted to £789,797, an increase of £25,433 over 
those of 1890, and the losses paid and outsanding to £548,305, being 69*42 per cent 
of the premium income. 

Notwithstanding the generally adverse results of fire insurance business during 
the past year, in which this company has largely participated, the directors feel 
warranted in recommending the payment of dividend at the usual rate, being £1 12s. 
per new share of £20, the equivalent of £8 per former share of £100, botn free of 
income tax. 

Twelve shillings per share was accordingly paid on 29th January last as " In- 
terim Dividend," and it is proposed that the balance £1 per share be forwarded to 
the members by post, on Tuesauy, the 5th July, ensuing. 

After providing for the payment of that dividend, which absorbs £96,000, the 
funds of the company stand as follows: — 

Paid-up capital £ 300,000 

Special reserve 400,000 

General reserve 570,906 16 7 

Beserve for unexpired risks... 263,265 

* 

Total £1,534,171 16 7 



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64 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE INSURANCE COMPANY OF NORTH AMERICA. 

Statement for the year ending 31st December, 1892. 

President — Charles Platt. 

Secretary— Greville E. Fryer. I Principal Office— Philadelphia. 

Agent in Canada — Robert Hampson. | Head Office in Canada — Montreal. 

(Incorporated, 14th April, 1794. Commenced business in Canada, 7th Nov., 1889.) 

CAPITAL. 

Amount of joint stock capital authorized, subscribed for and paid up 

in cash -$3,000,000 

ASSETS IN CANADA. 

City of Montreal bonds, in deposit with the Receiver-General, par value, 

$111,000; market value $ 112,200 00 

Cash at head office in Canada 3,041 36 

Cash in Bank of Montreal 28,168 53 

Total assets in Canada $ 143,409 89 

LIABILITIES IN CANADA. 

Net amount of fire losflen in Canada claimed but not adjusted $ 2,333 00 

do do resisted— in suit 2,667 00 

Total net amount of unsettled claims for fire losses in Canada $ 5,000 00 

Reserve of unearned premiums for all unexpired fire risks in Canada... 32,224 10 

Total liabilities in Canada $ 37,224 10 

INCOME IN CANADA. 

Gross cash received for premiums 877,357 37 

Deduct reinsurance, rebate, abatement and return-premiums 22,472 07 

Net cash received for premiums $ 54,885 30 

Interest on bonds, paid direct to head office 4,440 00 

Total income in Canada $ 59,325 30 

EXPENDITURE IN CANADA. 

Amount paid during the year for losses occurring in previous years (which losses 

were estimated in the last statement at $833) 8 83300 

Amount paid for losses occurring during the year $ 39,139 94 

Deduct amount received for reinsurances 8,897 77 

Net amount paid during the year for said losses $30,242 17 

Net amount paid during the year for losses in Canada $ 31,075 17 

Paid for commission or brokerage 11,503 97 

Taxes in Canada 1,404 32 

Miscellaneous payments, viz.: — Adjusting, $576.04; advertising, 8723.46 ; 
express and customs duties, $263.86 ; maps and surveys, $159.95; 
postage, telegrams and exchanger, $461.32 ; printing and stationery, 
3206.63; registration fees and city licenses, $264.70; salaries, 
$1,375; travelling expenses, $167.07 ; Underwriters 1 Associations, 
$571.97; miscellaneous petty expenses, $272.97 5,042 97 

Total expenditure in Canada , $ 49,026 43 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 65 

THE INSURANCE COMPANY OF NORTH AMERICA— Continued. 

RISKS AND PREMIUMS. 

Fire Risks in Canada. Amount thereon 18 

Gross policies in force at date of last statement 8 4,552,386 $ 54,859 10 

Taken during the year—new and renewed 6,994,328 77,357 37 

Total $11,546,714 $132,216 47 

Deduct terminated 5,216,151 57,051 18 



Gross in force at end of year.. $ 6,330,563 $ 75,166 2ft 

Deduct reinsured 1,107,723 12,458 38 

Net in force at 31st December, 1892 8 5,222,840 8 62,706 91 . * 

Total number of policies in force in Canada at date No return. 

Total net amount in force $5,222,840 00 

Total premiums thereon 62,706 91 

Subscribed and sworn to, 18th February, 1893, by 

BOBBKT HAMPSON, 

Chief Agent 
(Received, 21st February, 1893.) 



General Business Statement for the Year ending 31st December, 1892. 
(As returned to the Insurance Commissioner of the State of Pennsylvania.) 

ASSETS. 

Valueof real estate unencumbered....; $ 307,000 00 

Loans on bonds and mortgages, first liens, upon which not more than 

one year's interest is due 2,698,286 06 

Loans on bonds and mortgages, first liens, upon which more than one 

year's interest is due 36,300 00 

Interest due on said bonds and mortgage loans 25,428 45 

Bonds, stocks and debentures owned by the Company of par value, 

$4,180,580; market value 4,535,647 50 

Amount of loans secured by way of bonds, stocks or other marketable 

collaterals of par value, $319,850; market value, $35*7,479 297,660 00 

Cash on hand and in banks ;. 778,728 40 

Premiums in course of collection 824,983 49 

Bills receivable ,.. 148,397 09 

Book debts due the Company 78,258 24 

Total assets $9,730,689 23 

LIABILITIES. 

Net amount of unpaid losses $ 481,330 84 

fieserve of unearned premiums 3,043,191 35 

Amount reclaimable by the insured on perpetual fire policies being 90 

and 95 per cent of the premium or deposit received 765,734 64 

All other liabilities .V.... 75,707 23 

Total liabilities $4,365,964 06 

Joint stock capital paid up in cash $3,000,000 00 

Surplus beyond capital and all other liabilities.. 2,364,725 17 

4—5 

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6*1 DEPARTMENT OF FINANCE — INSUBANCE BRANCH. 

INSURANCE COMPANY OF NORTH AMERICA— Concluded. 

INCOME DURING THE TEAR. 

Netcash received for premiums $5,544,515 66 

Received for interest and dividends 388,886 12 

Net perpetual premiums for the year. . 6,528 91 

Total income $5,939,930 69 

EXPENDITURE DURING THE YEAR. 

Net amount paid for losses $3,682,463 98 

Dividends paid in cash 360,000 00 

Paid for commission or brokerage 955,534 26 

Salaries 279,923 31 

Taxes 107,792 04 

All other expenditure 301,505 62 

Total expenditure $5,687,219 21 

MISCELLANEOUS. 

Amount of fire risks (excluding perpetual s) written or renewed dur- 
ing the year .$541,204,179 00 

Premiums thereon 4,414,222 07 

Amount of marine and inland risks written or renewed during the 

year 436.244,207 00 

Premiums thereon 2,731,938 01 

Net amount of fire risks in force on 31st December, 1892 586,434,509 00 

Premiums thereon 5,363,038 36 

Net amount of marine and inland risks in force on 31st December, 

1892 15,342,646 00 

Premiums thereon 323,881 20 

PERPETUAL RISKS. 

Amount of risks written during the year $ 1,319,778 60 

Deposits thereon.. 34,045 69 

Amount of risks terminated 937,139 77 

Deposits 27,516 78 

Amount in force at 31st December, 1892 33,016,184 82 

Deposits 840,100 87 



Subscribed and sworn to, by 



CHARLES PLATT, 

President. 

GREVILLE E. FRYER, 

Secretary, 



Philadelphia, 11th February, 1893. 



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FIRB AND INLAND MARINE INSURANCE COMPANIES. 67 

THE LANCASHIRE INSURANCE COMPANY. 



Statement for the Year ending 31st December, 1892. 

Chairman — Nathaniel Shblmerdine. | Principal Office — Manchester, England. 

General Manager — Geo. Stewart. 

Manager in Canada — J. G. Thomp*on. 

Head Office in Canada — Canada Permanent Buildiug, Toronto. 

(Established, 15th Jane, 1852. Commenced business in Canada, July, 1864.) 



CAPITAL. 



Amount of joint stock capital authorized $15,000,000 00 

Amount subscribed for 13,649,300 00 

Paid up in cash 1,364,930 00 



ASSETS IN CANADA. 

Stock and bonds in deposit with Receiver-General, viz. : — 

Par value. Market value. 

Canada 4 per cent stock 8 -97,333 33 9 100,263 32 

do 4 do bonds, loan, 1884 95,000 00 100,700 00 



Total par and market values 3 192,333 33 $ 200, 953 32 

Carried out at market value $ 200,953 32 

Cash on hand at head office 389 17 

Cash in Dominion Bank .'. 22,065 74 

Interest accrued 1,282 22 

Cash in hands of agents in Canada 17,056 24 

Office furniture aud insurance plans ^ 5,000 00 

Total assets in Canada % 246,746 69 

LIABILITIES IN CANADA. 

Net amount of fire losses in Canada unsettled but not resisted 8 11,165 83 

do losses resisted, in suit 5,366 66 

do do not in suit 3,163 02 

(Of this amount 92,500 belongs to previous years. ) 



Total net amount of unsettled claims for fire losses in Canada ..$ 19,695 51 

Reserve of unearned premiums for all outstanding fire risks in Canada. 198,062 66 

Total liabilities in Canada 8 217,758 17 

INCOME IN CANADA. 

Gnws cash received for fire premiums $ 323,230 02 

Less reinsurance, rebate, abatement and return- premiums 37,309 90 

Net cash received for premiums $ 285,920 12 

Received for interest and dividends on stock, &c... 7,762 27 

Bankinterest 79 71 



Total cash income in Canada $ 293,762 10 

4-5J 



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68 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

LANCASHIRE INSURANCE COMPANY— Continued, 

EXPENDITURE IN CANADA. 

Paid during the year for losses occurring in previous years (which losses were 

estimated in the last statement at $12,848.55) $ 13,171 87 

Amount paid for losses occurring during the year $ 169,289 80 

Deduct amount received for reinsurance from other companies 8,869 74 

Net amount paid for said losses .$ 160,420 06 

Total net amount paid during the year for firo losses in Canada $ 173,591 93 

Paid for commission or brokerage 47,099 88 

Paid for salaries, fees and all other charges of offioials in Canada 10,129 35 

Paid for taxes in Canada 2,765 12 

Miscellaneous payments, viz. : — 

Advertising, printing and stationery, $2,006.62 ; express, postage 
and telegrams, $1,900.11 ; rentand office furnishings, $2,038.69 ; 
insurance plans, $1,242.88 ; legal expenses and mercantile and 
fire reports, $209.20; underwriters' associations, $1,117.60; 
Ontario license fees, $110.00; Dominion Insurance Depart- 
ment assessment, $131.91; remittance charges, $326.00; 
travelling expenses, $954.70 ; sundries, $563.55 10,601 26 

Total cash expenditure in Canada $ 244,187 54 

RISKS AND PREMIUMS. 

Fire Rifles in Canada, No. Amount. Premiums. 

Gross policies in force at date of last statement 21,018 $ 90,281,195 $ 360,898 76 

Taken during the year— new 7,293 14,350, 169 170,568 82 

do do renewed 7,144 11,304,744 152,352 81 

Total 35,455 8 55,936,108 8 683,820 39 

Deduct terminated 13,919 22,900,589 289,532 28 

Gross in force at end of year ,...21,536 8 33,035,519 8 394,288 11 

Deduct reinsured - 635,961 8,473 95 

Net in force, 31*t December, 1892 21,536 8 32,309,558 8 385,814 16 

Total number of policies in force in Canada at date... 21,536 

Total net amount in force $32,399,558 00 

Total premiums thereon 385,814 16 

Subscribed and sworn to, 28th February, 1893, by 

J. G. THOMPSON, 
(.Received, 2nd March, 1893.) Manager. 



General Business Statement for the Year ending 31st December, 1892. 

Fire Department, 

The fire premium income, after deducting reinsurances, amounted to £922,- 
847 12s., being an increase of £17,608 15s. 7d. upon that of the previous year. The 
claims for loss and damage by fire, including outstanding losses, amounted to £607,- 
204 13s. 4d., and after providing for these, and the commission and expenses, there 
was a surplus of £41,047 lis. 3d., which has been carried to the profit and loss 
account. In last year's report the directors intimated that they had secured a large 
and hitherto profitable business in Americu, on terms which they believed would be 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 

LANCASHIRE INSURANCE COMPANY- Continued. 



69 



remunerative to the company. The individual limits, however, were found to be, in 
numerous cases, too large to be retained by the Lancashire, while others were un- 
desirable on their merits, and in consequence the directors considered it prudent to 
cancel or reinsure such exceptional limits and risks, and the cost thereof, and of 
claims under other policies which it was decided not to renew at expiry, amounted 
to £86,268 13s.. 3d. . By the payment of this sura, and that set aside last year, the 
whole liabilities of the company incurred by this purchase have been discharged. 
The directors have resolved to treat this in the same way as was done with the good- 
will account last year, and spread it over the accounts of three yeare.. The sum of 
£28,756 4s. 5d. has therefore b/ecn charged to the profit and loss account of the year 
1892. The carefully selected business placed on our books by this purchase amounts 
to £201,868 per annum, and the directors have confidence in a satisfactory profit 
being secured therefrom. A separate department was established in New York 
with separate office and staff to carry oat this transfer, but now that such transfer 
has been completed, such separate management is no longer necessary, and it has 
accordingly been determined to consolidate our whole American business in one 
office and undefr one management, in Now York, which, while maintaining efficiency, 
will tend materially to reduce expenses. 

Investments and Profit and Loss. 

The investments of the company produced in interest the sum of £60,511 2s. 
lid., whereof £35,013 7s. 4d. belongs to the lifo branch, and will be found in the 
revenuo account of that department. The amount of the profit and loss account is 
£86,860 Ik. lid., from which have been paid the foreign state taxes (£9,838), the 
second instalment of the good- will named in last report (£11,429), and two half- 
yearly dividends at the rate" of 10 per cent, amounting to £27,298 12s. After pro- 
viding for these payments a balance remaiued of £38,294 3s. 5d., which has been 
disposed of by the payment, on the American account already named, of the sum of 
£28,756 4s. 5d., and carrying forward to next account the sum of £9,537 19s. 

Management. 

Some months ago Mr. Stewart intimated, on account of the state of his health, 
his desire to resign his position as general manager and actuary of the company, 
which he has held for thirty-five years, and, at the request of the directors, agreed 
to act until the close of March of the present year, and then to accept a seat at the 
board. The directors have not only anxiously considered, but are giving constant 
attention to the question of the future management of the company, and hope in the 
course of the year to complete arrangements which they trust will not only insure 
it» increased success, but be satisfactory to the shareholders. 

FIRE ACCOUNT. 

£ s. d. £ b. d. 

Premiums after deduction of reas- Losses by fire 607,204 13 4 

surances 922,847 12 Expenses 130,866 3 6 

Commission 143,729 3 11 

Surplus 41,047 11 3 

£ 922,847 12 £ 922,847 12 



Balance from last year 

'ire insurance and general re- 
serves 

Interest 

Surplus from fire business 



PROFIT AND LOSS ACCOUNT. 



£ s. d. 
20,314 15 1 



400,000 
25,497 15 
41,047 11 



£ 486,860 1 11 



£ s. d. 

Dividends 27,298 12 

Foreign states taxes 9,838 6 6 

American good-will 11,429 

American purchase 28,756 4 5 

General reserves 400,000 

Balance forward 9,537 19 



£ 486,860 1 11 



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70 



DEPARTMENT 6F FINANCE — INSURANCE BRANCH. 



LANCASHIRE INSURANCE COMPANY— Concluded. 
Balance Sheet on 31st December, 1892. 



Liabilities. 

£ s. d. 

Shareholders' capital 272,986 

Life assurance fund 891,686 19 4 

Fire insurance and reserve funds . 400,000 

Balance carried forward 9,537 19 

Life claims admitted 10,510 12 6 

Outstanding fire losses 132,415 

Dividends due 17,011 8 



£1,734,147 18 10 



ASSETS. 

£ s. d. 

Mortgages, United Kingdom 354,482 5 8 

do outofUnitedKingdom 59,418 9 

Loans on policies 33,283 4 10 

British Gov. securities 24,220 

Colonial do 47,510 10 

U. S. do 227,952 15 9 

Foreign do 5,939 9 8 

R. deb. and deb. stocks 337,429 7 7 

Rail. pref. shares, Ac 49,424 2 6 

House property 157,733 15 9 

Bank deposits 68,80118 9 

Deposits with companies 29,245 15 2 

do United States 14,413 9 1 

American good-will 22,858 

do purchase 57,512 8 10 

Personal loans . . .• 20 

Branch balances f . 194,112 9 10 

Outstanding premiums ! . . 1,873 18 4 

Interest accrued 12,579 9 1 

Cash at bankers, &c 35,832 17 3 

£ 1,734,147 18 10 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 71 

THE LIVERPOOL AND LONDON AND GLOBE INSUEANCE COMPANY. 



Statement for the Year ending 31st December, 1892. 

President — Alfred Fletcher, Esq. I * General Manager and Secretary — 

John M. Dove. 

Agent in Canada — G. P. C. Smith. 

Principal Office — Liverpool, England. | Head Office in Canada — Montreal. 

(Organized, 21st May, 1836. Commenced business in Canada, 4th June, 1851.) 



CAPITAL. 



Amount of joint stock capital authorized an<J subscribed 

for £2,000,000 stg. $9,733,333 33 

Amount paid up in cash • 245,640 " 1,195,448 00 



ASSETS IN CANADA. 

Real estate (leas encumbrances) in Canada held by the Company, viz. : — 
The Company'* buildings, St. James St,, corner of Place d'Armes 

Square, Montreal $ 88,000 00* 

Loans secured by bonds and mortgages on real estate in Canada 

(first liens) 885,600 00 

Stocks and bonds, viz : 

Par Value. Market Value. 

Toronto City debentures, 6 per cent S 6,000 00 S 6,180 00 

Canada 4 per cent inscribed stock 97,&33 33 106,093 00 

do 4 do do of 1883 100,000 00 104,000 00 

do 4 do (reduced) stock 116,800 00 126,144 00 

Montreal Board of Trade, 5 per cent mortgage bonds, 1922 1,000 00 1,000 00 

Montreal city debentures, 6 per cent, viz : — 

Protestant School Board Bonds, Montreal^Jan., 1898. . . 20,000 00 20,000 00 

do do do 1906... 10,000 00 11,325 00 

Montreal Harbour— July, 1906 10,000 00 11,350 00' 

• Total par and market value $ 361,133 33 $ 386 ,092 00 

Carried out at market value ($323,133.33 par value being deposited 

with Receiver-General on account of fire and life)... 386,092 00 

Loans on life policies, being within the amount of their surrender 

value when the loans were made 5,946 05 

Cash ou hand at head office in Canada 175 85 

Cash in banks, viz.: — 

Bank of Montreal, Montreal $ 95,899 32 

do St. John, N.B 545 80 

Cash in British Columbia 1,80123 



Total 98,246 35 

Interest due and accrued 12,106 13 

Cash in hands of agents in Canada 20,256 55 

Office furniture, public clock, maps, plans, &c, at Montreal office, and 

St. John, N.B., branch offices (estimated) 2,500 00 

Total assets in Canada $1,498 922 93 



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72 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

LIVERPOOL AND LONDON AND GLOBE— Continued. 

LIABILITIES IN CANADA. 

Net amount of losses adjusted but not due §11,975 63 

Net amount of losses in Canada claimed but not adjusted 4,250 00 

Net amount \)f losses resisted — in suit 2,666 00 



Total net amount of unsettled claims for fire losses in Canada $ 18 } 891 63 

Reserve of unearned premiums for all outstanding fire risks in Canada. 244,794 38 

Reinsurance fund under the life insurance department in Canada 105,000 00 

Due and accrued for salaries, rent and general expenses 500 00 

Total liabilities in Canada .8 369,186 01 

INCOME IN CANADA. 

Gross cash received for fire premiums ' $ 340,478 88 

Deduct reinsurance, rebate, abatement and return-premiums 28,006 45 

Net cash received for fire premiums : $ 312,4*72 43 

Received for interest on bonds and mortgages 44,276 56 

Received for interest and dividends on stocks and all other sources .... 12,765 51 

Income from other sources (rents) 2,802 73 

Total cash income in Canada 372,317 23 

EXPENDITURE IN CANADA. 

Paid during the year for fire losses occurring in previous years (which losses 

were estimated in last statement at $16,818.93) 8 13,683 11 

Paid for losses occurring during the year 8 11)0,732 07 

Deduct amount received for reinsurance 1,586 16 



Net amount paid for said losses ' 8 189,143 91 



Total not amount paid during tho j-ear for fire losses in Canada 8 202,829 02 

Commission or brokerage,.. .* 49,556 06 

Salaries, fees and all other charges of officials 23,129 13 

Taxes in Canada 2,684 24 

Miscellaneous payments, viz. : — Advertising, $2,043.70 ; rent, $2,009.98 ; 
repairs, $201.58 ; coal and gas, $479.50 ; travelling expenses, 
$1,500.15; printing and stationery, $1,967.46; fire commissioner,. 
, $199 ; postage, $2,021.82 ; exchange, 8417.82 ; office expenses, 
$783.81; surveys, $1,695.70; underwriters, $1,210.40; Insurance 
Superintendence, $149.38; fire brigade, $15; auditor, $300 ; law 
expenses, $44.27 15,039 57 

Total expenditure in Canada 293,238 02 

RISKS AND PREMIUMS. 

Fire Riaki in Canada. No. Amount. ^"eon" 8 

Gross policies in force at date of last statement 22,219 8 45,322,702 $ 430,036 42 

Taken during the year— new 8,271 14,495,016 151,784 10 

do do renewed 8,873 17,654,975 187.069 35 



Total 39,363 8 77,472,693 8 797,889 87 

Deduct terminated 16,296 29,610,768 304.699 49 



Gross in force at end of year 23,067 8 47,861,925 8 493,190 38 . 

Deduct reinsured 1,144,569 11,577 74 



Net in force at 31st Dec-ember, 1892 23,067 8 46,717,356 8 481,612 64 



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FIBS AND INLAND MARINE INSURANCE COMPANIES. 73 

LIVERPOOL AND LONDON AND GLOBE— Continued. 

Total number of policies in force in Canada at date 23,067 

Total net amount in force j 846,717,356 00 

Total premiums thereon 481,612 64 

Subscribed and sworn to, 28th February, 1893, by 

G. F. C. SMITH, 

Chief Agent. 

(Received, 1st March, 1893.) 



General Business Statement for the Year ending 31st December, 1892. 
(Abstracted from the Directors' Report, Liverpool, 16th May, 1893.) 

FIRE DEPARTMENT. 

The fire premium income for the year, after deducting the sums paid for rein- 
suring surplus risks, amounts to £1,585,195. The losses, inclusive of full provision 
for all claims that had arisen up to the close of the year, amount to £1,029,567. The 
account, after providing for expenses, shows, without the addition of interest, a sur- 
plus of £70,543; of which £44,000 has been left in the fire account to increase the 
fire reinsurance fund, which now amounts to £714,000, in addition to the general 
reserve of £1,300,000. The balance has been carried to profit and loss account. 

PROFIT AND LOSS ACCOUNT AND DIVIDEND. 

The profit and loss account, with the addition of the portion of fire surplus car- 
ried from the fire account, and of the interest earned on the funds other than those 
of the life department, after deducting the amounts paid to the Globe 6 per cent 
perpetual annuitants for 1892, leaves a balance of £690,133. It is proposed, out of 
this amount, to pay on account of the fire department a dividend of 18s. per share, 
together with a bonus of 9s. per share, and out of the life profits carried for 
this purpose to this account at the end of last quinquennium, a bonus of Hs. per 
share, making in all 30s. per share. On the 2gnd November last an interim pay- 
ment of 10s. was made on account, and it is proposed to issue warrants for the 
balance, viz., 20s. per share, payable on the 23rd instant. 

The directors propose to adopt the Forged Transfers Acts of 1891 and 1892, 
without making any charge or requiring the certificates to be sent in for endorse- 
ment. 

FUNDS OF THE COMPANY. 

The funds of the company will now stand as follows: — 
Capital paid up £ 245,640 

general reserve £ 1,300,000 

rtre reinsurance 714,000 . 

— 2,014 ? 000 

Profit and loss after payment of dividend and bonus for 1892 505,903 

Globe perpetual annuity fund 1,102,800 

life and annuity funds 4,395,600 



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74 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

LIVEKPOOL AND LONDON AND GLOBE— Continued. 

FIRE ACCOUNT. 

£ s. d. £ p. d. 
Amount of fire reinsurance fund at Losses by fire after deduction of ra- 
the beginning of the year 670,000 assurances 1,029,567 18 9 

Premiums received after deduction Expenses of management 198,955 15 1 

of reassurances 1,585,195 19 1 Commission 253,213 13 7 

Other payments, viz. : — 
Contributions to fire 
brigades at home 

and abroad £12,353 4 10 

State taxes (foreign) 20,561 14 10 

32,914 19 8 

Carried to profit and loss . . 26,543 12 

Amount of fire reinsurance fund at 
the end of the year, as in balance 
sheet 714,000 

£2,255,195 19 1 £2,255,195 19 1 

PROFIT AND LOS8 ACCOUNT. 

£ a. d. £ s. d. £ s. d. 

Balance of last year's account 675,684 6 5 Amount paid to Globe, 

Interest and dividends not carried six per cent perpetual 

to other accounts 164,059 3 2 annuitants in 1892. . 49,626 

Carried from fire account 26,543 12 Less income tax. . . 1,240 13 

Transfer fees 30 19 6 48,385 7 

Balance of dividend for 1891, paid 

23rd May, 1892 122,820 

Exchange 4,979 1 9 

Balance— 
Interim dividend for 
the year 1892, paid 

22nd Nov £ 61,410 

•Carried to next year's 

. account 628,723 12 4 

' 690,1&3 12 4 

£ 866,318 1 1 £866,318 1 1 

* The above balance will be reduced to £505,903 12s. 4d. by payment of balance of 1892, dividend on 
23rd May. 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 77 

THE LONDON AND LANCASHIRE FIRE INSURANCE COMPANY OF 
LIVERPOOL, ENGLAND. 



Statement for the Tear ending 31st December, 1892. 
Chairman — Duncan Graham. | Manager — Charles G. Fothebgill. 

Principal Office — Liverpool, England. 
Agent in Canada — Wm. A. Sims. | Head Office in Canada — Toronto. 

(Established 10th December, 1861. Commenced business in Canada, April, 1880.) 



capital. 



Amount of joint stock capital authorized and subscribed for $9,260,000 00 

Amount paid up in cash 926,000 00 



A88ET8 IN CANADA. 

Stocks and bonds held by the Company : — 

Pftp va1u6 

Canada 4 per cent stock 8 107,066 67 

do 3 do 24,383 33 

In deposit with Receiver-General , $ 131,400 00 

Cash en hand at head office 1,309 2« 

Cash in Dominion Bank, Toronto ,. 3,034 36 

Amount of cash in hands of agents in Canada 5,0^1 22 

Special deposit 70,000 00 

Total assets in Canada .$ 210,834 86 

LIABILITIES IN CANADA. 

1 Xet amount of losses claimed but not adjusted $ 3,139 50 

do do resisted, in suit. 2,667 67 

Total net amount of unsettled claims for fire losses in Canada $ 5,806 17 

Reserve of unearned premiums for outstanding risks in Canada 1-9,453 46 

Total liabilities in Canada % 135,259 63 

| INCOME IN CANADA. 

Gross cash received for premiums $210,922 28 

I Ifeduct reinsurance, rebate, abatement and return-premiums 20,614 25 

I Net cash received for premiums $ 190,308 03 

j Bank and special deposit interest 2,427 60 

Interest on deposit paid direct to head office 5,012 67 

Total income in Canada $ 197,748 30 



EXPENDITURE IN CANADA. 

Amount paid during the year for losses occurring in previous years 

(which losses were estimated in the last statement at $10,780.33)$ 9,711 84 
Deduct amount received for reinsurance from other companies. Nil. 

Xet amount paid during the year for said losses $ 9,711 84 

Anoqnt paid for losses occurring during the year $96,821 07 

Ifetoct amount received for reinsurance 256 17 



Net amount paid during the year for said losses $96,564 90 



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78 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

LONDON AND LANCASHIRE FIRE— Continued. 

Net amount paid during the year for losses in Canada $ 106,276 74 

Commission or brokerage, including commission on profits 39,228 61 

Salaries, fees and all other charges in Canada 1,420 84 

Taxes. 2,954 29 

All other payments in Canada, viz.: — Advertising, $495.41 ; supplies, 
81,117.24; board expenses, $574.35 ; telegraph, express, postage 
and exchange, $1,324.30 ; rent, $987.50 ; telephone, $66.66; duty, 
$332.38; maps, $658.94; inspection, $140.88; Insurance Depart- 
ment, $89.35; miscellaneous, $593.68 6,380 69 

Total expenditure in Canada. ; $ 156,261 17 

RISKS AND PREMIUMS. 

Fire Bisks in Canada. No. Amount. Premiums. 

Gross policies in force at date of last statement ... . 13,284 820,541,317 $234,42811 

Policies taken during the year— new 6,055 9,980,266 105,177 20 

do do renewed 4.369 7,072,378 96,642 91 



Total. 23,708 $37,593,961 $436,248 22 

Deduct terminated 8,595 14,584,586 175,316 93 

Gross in fore* at end of year 15,113 $23,009,375 $260,93129 

Deduct reinsured 432,188 5,576 01 



Net in force at 31st December, 1892. . . 15,113 $ 22,577,187 $5 ,255,355 28 

Total number of policies in force in Canada at date 15,113 

Total net amount in force $22,577,187 00 

Total premiums thereon 255,355 28 

Subscribed and sworn to, 27th February, 1893, by 

ALFRED WRIGHT, 
R. L. BALL, 
(Received 1st March, 18 3.) Acting Managers. 



General Business Statement fob the Year ending 31st December, 1892. 
(Abstracted from the Directors' Report, Liverpool, Eng., 21th April, 1893.) 

The accounts, of the lire insurance Companies, so far as yet published, confirm 
the anticipation previously formed, that the past* year has been, perhaps, the most 
unsatisfactory for fire offices generally for the last twenty years. Apart from the 
great fire at St. John's, Newfoundland, one of those conflagrations which are fortun- 
ately of rare occurrence, almost all sections of the United Kingdom, and all quarters 
of the world have exhibited a material increase in the number and severity of the 
fires w^ich have occurrod. Nowhere has this been more conspicuous than in Liver- 
pool, where the losses from warehouse fires have been at least four times as serious 
as the normal experience. 

The net premiums for the year, after deduction of sums paid to other offices in 
reduction of the company's liabilities, amounted to £881,056 5s. 9d., against 
£801,615 18*. lid. in the previous year. 

The net tiie losses, including full estimates for those not adjusted at thfc closing 
of the books, amounted to £628,646 10*. 9d. 

After providing for all expenses and commissions, bad debts, depreciations, and 
other charges, and on the other hand, crediting interest on investments, etc., a bal- 
ance of £l,7G4 16*. 9d. results to the credit of the company on the year's working. 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 79 

LONDON AND LANCASHIRE FIRE— Continued. 

The directors propose to pay on the 4th proximo, a dividend of 7s. per 6bare, 
free of income tax, making, with the interim dividend of 3s. per share already paid, 
a total distribution of 10s. per share, the same as for the last two years. The direc- 
tors may remark that their policy of restricting dividends, which has occasionally 
been commented on as partaking somewhat of the nature of parsimony, is amply 
justified by the experience of the past year, as it is owing to the fact of the com- 
pany's reserves having been incroased during the previous three years by no less 
than £312,741 that they feel themselves justified in recommending payment of the 
usual dividend. 

During the past year, the directors concluded an agreement with the General 
Life and Fire Assurance Company, of London, for the acquisition of the fire busi- 
ness of that company, by which they became possessed of all the agencies and good- 
will, so far as fire insurance is concerned, of an organization dating back to 1837 ; 
and they decided in this instance to pay for such business in cash, and not by an 
issue of new shares. The total cost of the transaction figures as a charge in the 
year's accounts, and the directors feel confident that the many valuable connections 
in London and other parts of the United Kingdom thus obtained will, in the future, 
yield very advantageous and profitable results to the company. 

After giving effect to the foregoing, and after payment of the dividend, the 
reserve fund and balance carried forward will amount 10 £676,355 16s. 6d. At 
intervals of three years these figures have been : — 

At 31st December, 1880 £ 253,729 

do 1883 .,. 274,155 

do 1886 376,413 

do 1889 540,930 

do 1892 676,355 



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80 DEPARTMENT OF FINANOB^-INSUBANOI BRANCH. 

LONDON AND LANCASHIRE FIRE— Concluded. 
Income and Expenditure Account fob the Yeab ending 31st December, 1892. 

Dr. (Jr. 

£ s. d. £ s. d. 

To Fire premiums (lesa reinsurance)... 881,056 5 9 By Fire losses paid and outstanding. . 628,546 10 9 
Dividends and interest. .... 32,245 4 3 Commission, including contingent 

Profit on sale of investments 14,282 18 6 commission on 1892 business 157,730 7 2 

Income tax, and foreign and col- 
onial state taxes 18,043 7 8 

Management and general expenses 
at head office, branches and 
abroad, and all other outgoings. 126,399 6 2 
Balance carried to general fund. . . 1,764 16 9 



. t £927,584 8 6 § £927,58 4 8 6 

Balance Sheet, 31st December, 1892. 

Dr. 

LIABILITIES. £ 8. d. 

To Capital, 85,100 shares of £25 each, £2 10s. per share paid 212,750 

Fire claims in course of adjustment 96,219 19 5 

Dividends unclaimed 136 16 

Bills payable 9,752 17 3 

Foreign agents' balances and sundry creditors ,. 46,808 18 

Reserve and reinsurance fund 600,000 

General fund — 

Balance brought forward £392,530 10 7 

L^as— Dividend declared 4th May, 1892 £ 28,431 6 

Amount carried to reserve and reinsur- 
ance fund 150,000 

178,431 6 

As per last report £214,099 10 1 

Add balance at credit of income and expenditure account for 1892. . 1,764 16 9 

Less— Purchase of th,e fire business of the General Assurance 
Co. of London, including fire claims paid and out- 
standing on the running-out policies of that com- 
pany 96,95810 4 



£118,905 16 6 
Lehs — Interim dividend paid 2nd November, 1892 12,765 



106,140 16 6 



£1,071,809 7 2 



s. d. 



Or. 
ASSETS. 

By Buildings owned by the Company in Liverpool, London, Bristol, Dub- 
lin and New York, unencumbered £179,096 18 6 

Part ownership in various salvage coT\m premises 6,245 1 4 

185,341 18 10 

Cash in banks, on deposit and on current account 70,84110 6 

British railway preference stocks £150,503 19 10 

Mersey docks and harbour bonds. 15,604 1 5 

United States funded loan and other first-class American securities. . . 384,929 12 10 

Argentine railway debenture stocks and national bonds . . 38,633 5 11 

Canadian inscribed stocks 27,688 5 10 

Australian inscribed stocks 2,067 9 9 

South African Government securities 15,300 16 8 

Italian and French rentes 6,567 5 



Loans on first-class securities, with ample margins (first liens) 4,000 

Mortgages on first-class resi dental property (first liens) 8,693 



Home branches and agents' balances 42,338 3 10 

Foreign branches and agents' balances 87,051 5 4 

Outstanding direct premiums 6,803 16 1 

Balance of reinsurance accounts with other fire offices 15,312 3 

Accrued interest and sundry debtors 11,132 11 2 

£1,071,809 7 2 



640,294 17 3 
12,693 2 

136,193 5 3 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 81 

THE LONDON ASSUKANCE CORPORATION OF LONDON, ENGLAND. 



Statement for the Year ending 31st December, 1892. 
Governor — Geo. Wm. Campbell. | Manager Fire Dept. — James Clunes. 

Principal Office — No. 7 Royal Exchange, London, E.C. 
Manager in Canada — E. A. Lilly. | Head Office in Canada— Montreal . 

(Incorporated, 22nd June, 1720. Commenced business in Canada, 1st March, 1862.) 



capital. 



Amount of capital authorized and subscribed for $4,363,243 33 

Amount paid up in cash 2,181,621 67 



ASSETS IN CANADA. 

Par value. Market value. 
•Montreal corporation stock 8 167,000 00 S 170,340 00 

Carried out at market value $ 170,340 00 

Cash on hand at head office in Canada , 620 88 

Cash in banks, viz. : — 

MolaonsBank 8 627 01 

Union Bank ... 364 24 

991 25 

Agents' balances in Canada 6,831 17 

— ^ 

Total assets in Canada 8 178, 783 30 

LIABILITIES IN CANADA. 

Net amount of louse* due and yet unpaid $ 2,238 00 

do resiited— in suit (accrued in 1890) 1,500 00 



Total amount of unsettled claims for losses in Canada $ 3,738 00 

Reserve of unearned premiums for all outstanding risks in Canada 75,084 03 

Reinsurance reserve under life department 9,829 51 

Total liabilities in Canada $ 88,651 54 

\ 

INCOME IN CANADA. 

<Jro8» cash received for premiums $ 123,617 42 

Deduct reinsurance, rebate, abatement and return-premiums 19,411 46 

Net cash received for fire premiums $ 104,205 96 

Net cash received for inland marine premiums 1,292 08 

Interest on deposit with Eeceiver-(reneral, 8167,000, paid direct to 

head office, England 6,680 00 

Total cash income in Canada $ 112,178 04 



* Deposited with Receiver-General, $50,000, beiBff on account of life branch. 
4-6 



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82 DEPARTMENT Of FINANCE — IN8URANCE BRANCH. 

LONDON ASSURANCE CORPORATION— Continued. 

EXPENDITURE IN CANADA. 

Amount paid for losses occurring in previous years (which losses were esti- 
mated in the last statement at $3,137) S 2.949 48 

Paid for fire losses occurring during the year 9 50,676 84 

Less reinsurance . . * 5,803 08 



Net amount paid during the year for said losses $ 44,873 76 

Total net amount paid daring the year for fire losses in Canada $ 47,823 24 

Paid for commission or brokerage 17,127 04 

Paid for salaries, fees and all other charges of officials in Canada 7,821 75 

Paid for taxes in Canada (including $50.62 marine department) 2,575 25 

All other payments in Canada, viz. : — 

Bent, 81,590; office expenses, $682.61 ; postage, express and tele- 
grams, $648.34 ; printing and stationery, $785.33 j tariff ex- 
penses, $670.68; maps, $824.73; travelling expenses, $1,888.97; 
advertising, $353.50; sundry, New Brunswick, $209.96; sundry 
expenses, marine department, $128.85 7,782 97 

Total cash expenditure in Canada $ 83,130 25 

BI8KS AND PREMIUMS. 

Fire Risks in Canada. Amount. Premiums. 

Gross policies in force at date of last statement $ 13,774,882 8 150,253 09 

Taken during the year— new 8,732,749 78,828 62 

do renewed 4,541,624 46,345 84 

Total $27,049,255 $275,427 55 

Deduct terminated 13,159,059 115,188 45 



Gross in force at end of year $ 13,890,196 $ 160,239 10 

Deduct reinsurance 920,896 10,071 03 

Net in force at 3lst December, 1892 $ 12,969,300 $ 150,168 07 

Inland Marine Risks in Canada. Amount. Premiums. 

Gross policies taken during the year $ 516,618 $ 1,288 58 

Deduct terminated 5 16,618 1,288 58 

Total number of policies in force in Canada at date No return. 

Total net amount in force $12,969,300 00 

Total premiums thereon ;.. 150,168 07 

Subscribed and sworn to, 6th March, 1893, by 

B. A. LILLY, 

Manager and Attorney. 

(Eeceived, 7th March, 1893.) 



General Business Statement fob the tear ending 31st December, 1892. 
(Abstracted from the Directors' Report, London, England, 22nd March, 1893.) 

MARINE DEPARTMENT. 

The net premiums received during the year amounted to £328,647 16s. 2d. 
The losses paid and outstanding for 1892 and previous years amounted to £316,129- 
8s. 3d. The balance at the credit of the marine fund on 31st December, 1892, 
amounted to £207,509 5s. 3d. 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 83 

LONDON ASSUJRANCE COKPORATION— Continued. 

FIRE DEPARTMENT. 

The fire premium income for the year, after deduction of reassurances, amounted 
to £443,967 10s. 5d., and the losses, inclusive of full provision for all claims to 31st 
December last, to £295,1 82 13s. Od. The balance at the credit of the fire fund on 31st 
December, 1892, amounted to £556,420 10s. Od. 

PROFIT AND L08S. 

The amount standing to the credit of this account on the 31st December last 
was £101,626 10s. 9d., out of which the court of directors now recommend a dividend 
of 20 per cent, being £2 10s. Od. per share, payable as follows: — £1 15s. Od. on 
the 1st April, and the balance of 15s. on the 2nd October. 

PIRE ACCOUNT. 

1891. £ s. d. 1892. £ s. d. 

Dec. 31 Amount of fire insurance fund Dec. 31 Losses after deduction of reas- 

at this date 568,585 3 surances and salvages 295,182 13 

1S92. Expenses of management 

Dec. 31 Premiums after deduction of (apportioned) 71,007 15 10 

reassurances and returns. 443,967 10 b Commission 77,453 13 1 

Interest and Bad debts 106 12 5 

dividends . . £ 17,927 3 7 Carried to profit and loss ac- 

Less income count 30,000 

tax 308 12 8 Amount of fire insurance fund 

17,618 10 11 at this date, as per balance 

sheet 556,420 10 



£ 1,030,171 4 4 £ 1,030,171 4 4 

MARINE ACCOUNT. 

1891. £ s. d. 1892. £ s. d. 
Dec. 31 Amount of marine insurance Dec. 31 Losses after deduction of reas- 

fund at this date 227,892 11 5 surances and salvages on 

1892. acccount of 1892 and former 

Dec. 31 Premiums after deduction of years 316,129 8 3 

brokerage, discount, reas- Expenses of management 

surances, and returns 328,647 16 2 (apportioned) 31,580 19 1 

Interest and Agents' commission 8,214 12 7 

dividends. .£ 7,185 6 4 Baddebts 167 14 8 

Less income Amount of marine insurance 

tax 123 14 1 fund at this date, as per 

7,061 12 3 balance sheet 207,509 5 3 



£563,601 19 10 £ 563,601 19 10 

PROFIT AND LOS8 ACCOUNT. 

1891. £ s. d. 1892. £ s. d. 
Dec 31 Balanceofaccountatthisdate 106,562 8 11 Dec. 31 Dividends to shareholders. . . 89,655 

1892. Income tax 1,189 5 10 

Dtc 31 Interest and Balance, as per balance sheet. 101,626 10 9 

dividends 
not carried 
to other ac- 
counts £27,267 16 11 

income 
tax 469 8 8 



26,798 8 3 



Transferred from life assur- 
ance accounts — 
Non-partici- 
pating. ..£ 9,361 19 11 
Participat- 
ing 7,377 13 4 

Transferred 
from fire ac- 
count ,. 30,000 

46,739 13 3 

Profit 6n realization of securi- 
ties 12,338 13 8 

Transfer fees 3112 6 

\ 



£ 192,470 16 7 £ 192,470 16 7 



4-6£ 



J 



84 



DEPARTMENT OF FINANCE — INSURANCE BRANCH. 



LONDON ASSURANCE CORPORATION— Concluded. 

BALANCE 8HEET, 31ST DECEMBER, 1892. 
liahlities. £ 8. d. assets. 



Shareholders' capital, £896,560, of 

which is paid ujj 448,275 

General reserve fuhd 310,000 

Life assurance funds — 

Non-participating.£681,059 14 9 

Participating 1,325,513 16 10 

2,006,573 11 



Firefund 556,420 10 

Marine fund 207,509 5 

Profit and los* 101,626 10 



Claims under life policies admitted 

but not yet paid.... £22,037 9 

Outstanding fire losses 49,323 

do marine losses 1,631 12 10 

do annuities.... 88 6 8 

do dividends to 

shareholders 13,715 

Outstanding income 

tax 407 9 2 

Fire premiums due to 

other companies 11,479 6 11 

Clerks' savings fund . . 4,066 15 6 



Mortgages on property within the 
United Kingdom £1,079,279 12 1 
Loans upon parlia- 
mentary rates . . . 719,113 18 11 
Loans upon rent- 
charges 33,956 10 4 

7 



Mortgages on property out of the 

3 United Kingdom 

9 Loans on the Corporation's life 

- policies 

£3,630,404 17 7 Loans on railway and other securi- 
ties 

Investments : — 
In British Government securities, 
viz. : — 
£251,256 7s. 8d. 

stock £224,383 17 5 

Turkish 4 p. cent 

guaranteed bonds 22,900 

Indian and Colonial Govern- 
ment securities 

Foreign Government securities. 

102,749 1 Municipal securities 

Railway and other debentures 

and debenture stocks 

Railway and other preferred 

and ordinary stocks 

Reversions. 

• Life interests 

Premises account 

Agents' balances, viz. : — 

Account life £ 8,369 14 10 

do fire 73,862 10 9 

' do marine . . 71,312 12 7 



£ s. d- 



Loans upon personal security 

Outstanding premiums 

do interest 

Fire premiums due by other com- 

1 win ies 

Cash :— 

On deposit £114,296 2 3 

In hand and on cur- 
rent accounts .. . 45,625 4 6 



1,832,350 1 4 
Nil. 

54,642 16 1 

30,000 



247,283 17 5 

88,753 10 
173,793 15 3 
142,964 4 10 

497,081 3 8 

268,132 1 3 

33,983 16 7 

1,108 14 10 

5,505 6 



153,544 18 2 

Nil. 

27,168 2 7 

1,835 6 

1,280 13 11 



Bills receivable . 

Policy stamps.. 



£3,733,153 17 8 



159,921 6 9 
13,434 16 8 
369 11 10 

£3,733,153 17 S 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 85 

THE LONDON MUTUAL FIRE INSURANCE COMPANY OF CANADA. 



Statement for the Year ending 31st December, 1892. 

President — Thomas E. Robson. | Secretary and Agent — D.C. Macdonald. 

Principal Office — London, Ontario. 

(Organized and commenced business in Canada, A.D., 1859.) 



capital. 



A mutual company, having no stockholders, but merely members who are 
insured, and who are only bound to the extent of their premium notes given for 
insurance. 



assets. 



Value of real estate (less encumbrances) held by company $ 14,215 46 

Loans secured by bonds and mortgages on which not more than one 

year's interest is due, constituting a first lien on real estate 850 00 

Interest accrued and unpaid on said loans 6 37 

Municipal debentures owned by the company, viz. : — 

Par value. Market value. 

•City of Hamilton debentures $10,920 00 $11,138 40 

♦City of St. Thomas debentures 22,600 00 25,990 00 

•Town of Tilsonbure debentures 6,500 00 7,475 00 

•Ontario Loan and Debenture Company debentures 7,800 00 7,800 00 

•Huron and Erie Loan and Savings Company debentures . . . 7,800 00 7,800 00 

Total par and market values $55,620 00 $60,203 40 

Carried out at market value 60,203 40 

Cash on hand at head office 593 55 

Cash in Molsons Bank 2,068 85 

Accrued interest on debentures 504 75 

Agents balances 8,785 28 

Bills receivable 1,583 89 

(Amount of same overdue, $1,533.89.) 

Premium notes on hand $427,192 23 

Deduct amount paid thereon 158,890 52 

268,301 71 

(Total assessments on premium notes, $176,793.49.) 

Office furniture 1,190 01 

Reinsurance on loss 1,000 00 



Total gross assets • 359,303 27 

Amount which should be deducted on account of bad or doubtful agents' balances. $607 17 
Bills receivable 1,023 95 



Total deductions 1,631 12 



Total net assets 9 357,672 15 

LIABILITIES. 

N«* amount of fire losses adjusted but not due $ 2,392 17 

Net amount of fire losses claimed but not adjusted 10,427 67 

$12,819 84 
Net amount of losses resisted, in suit 1,800 00 



•Deposited to credit of Receiver-General. , 

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86 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

LONDON MUTUAL TIRE— Continued. 

Total net amount of unsettled claims for losses in Canada $ 14,619 84 

Reserve of unearned premiums for all outstanding risks in Canada 265,160 05 

Total liabilities $ 279,779 89 



Surplus of assets over liabilities 8 77,892 26 

INCOME. 

Gross premiums received in cash $ 33,867 27 

Gross cash received on bills and notes taken for premiums 96,022 04 

Gross cash received for premiums $ 129,889 31 

Deduct reinsurance, rebate, abatement and return-premiums 1,376 54 

Net cash received for premiums $ 128,512 77 

(Bills and notes received during the year for premiums and remaining unpaid, $137,389. 65.) 

Received for interest and dividends on stocks, and all other sources 3,663 63 

Sundries, viz. : — Transfer fees, 8311.42 ; steam thresher licenses, 88.00 ; 
assessments deducted from losses, 8265.71 ; rent, $336.00 ; bills re- 
ceivable, 8250.00 ; conscience money, 8 125.00 1,296 13 

Total cash income ,... 8 133,472 53 

EXPENDITURE. 

Paid during the year for fire losses occurring in previous years (which losses 

were estimated in last statement at $14,742.35) $ 14,232 35 

Paid for losses occurring during the year $ 82,332 53 

Deduct savings and salvage $ 239 65 

Deduct reinsurance 63 56 

Total deductions 303 21 



Net amount paid for said losses 3 82.029 32 

Total net amount paid daring the year for fire losses $ 96,261 67 

Commission or brokerage 19,011 70 

Taxes 458 60 

Salaries, fees and all other charges of officials 13,128 19 

Miscellaneous payments, viz. : — Bank commission, $19.36 ; law expen- 
ses, $543.58; postage, $1,742.38; printing and advertising, 
$1,586.38; Dominion Government inspection, $66.60; interest, 
$1,749.17 ; discount on stamps, &c, $78.81 ; sundry expenses, 
$360.16; fuel and light, $165.97; Ontario Government license, 
$105.00; agents* convention, $328.35 6,745 76 

Total cash expenditure $ 135,6 05 92 

CASH ACCOUNT. 

Dr. Cb. 

1891. 1892. 

Dec. 31. To balance in hand and in Dec. 31. By expenditure during year, as 

banks at this date. $ 5,645 79 above $135,605 92 

1892. Investments 850 00 

Dec. 31. Income as above 133,472 53 Borrowed money returned. 55,000 00 

Borrowed during year.... 55,000 00 Balance in hand and in 

banks this date 2,662 40 

$ 194 t H8 32 $194,118 32 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 87 

LONDON MUTUAL FIRE— Concluded. 

RISKS AND PREMIUMS. 

Premiums 

Fire Risks in Canada. No. Amount. thereon. 

Gross policies in force at date of last statement .... 38,479 8 44,918,032 $ 562,187 29 

Taken during the year— new 12,937 14,673,346 179,846 69 

Total 51,416 $ 59,586,377 8 732,033 98 

Deduct terminated 13,327 15,707,123 195,696 76 

Gross in force at end of year 38,089 $43,879,254 $536,337 22 

Deduct reinsured 199,599 1,418 80 



Net in force at 31st December, 1892 38,08 9 8 43,679,655 $ 534,918 42 

Total number of policies in force at date 38,089 

Total net amount in force $43,679,655 00 

Total premiums thereon 534,918 42 

Subscribed and sworn to, 11th February, 1893, by 

T. E. EOBSON, 

President. 

D. C. MACDONALD, 

Secretary. 

(Keceived, 13th February, 1893.) 



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88 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE MANCHESTER FIRE ASSURANCE COMPANY. 



Statement for the Year ending 31st December, 1892. 

President — James Chadwick. | Secretary — J. B. Moffat. 

Principal Office — Manchester, England. 

Agent in Canada — James Boomer. | Head Office in Canada — Toronto. 

(Established, 21st June, 1824; commenced business in Canada, 
20th May, 1890.) 



CAPITAL. 



Amount of joint stock capital authorized $9,733,333 33 

do do subscribed for 7,300,000 00 

do do paid up in cash 730,000 00 



ASSETS IN CANADA. 

Stocks, bonds and debentures: — 

Par value. Market value. 
Canada 3J per cent stock $ 102,200 00 $ 105,266 00 



Carried out at market value $ 105,266 00 

Cash at head office in Canada 13,220 84 

Cash in Ontario Bank, Toronto 2,139 48 

Cash in hands of agents in Canada 5,308 41 

Block plans 3,000 00 

Office furniture and fixtures 500 00 



Total assets in Canada $ 129,434 73 

LIABILITIES IN CANADA. 

Net amount of losses adjusted but not due. $ 600 00 

do do claimed but not adjusted 3,325 00 

do do reported or supposed but not claimed ... 1,861 47 

Total net amount of unsettled claims $ 5,786 47 

Reserve of unearned premiums upon all unexpired fire risks in Canada 72,701 10 
Due for reinsurance and other accounts 2,977 27 

Total liabilities in Canada $ 81,464 84 

INCOME IN CANADA. 

Gross cash received for premiums $ 151,623 99 

Deduct reinsurance, rebate, abatement and return-premiums 30,394 97 

Net cash received for premiums $ 121,229 02 

Interest on deposit with Receiver-General, paid direct to head office in 

England 3,577 00 

Interest on bank deposits 155 39* 

Total income in Canada $ 124,961 41 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 89 

MANCHESTER FIE E— Con tinued. 

EXPENDITURE IN CANADA. 

Amount paid during the yeta for losses occurring in previous years (which 

losses were estimated in the last statement at $15,154.46) $ 17,245 27 

Deduct savings and nalvage $ 502 71 

Deduct amount received for reinsurance 70 



503 41 

Net amount paid for said losses $ 16,741 86 

Amount paid for losses occurring during the year. $ 75,750 79 

Deduct savings and salvage $ 5 56 

Deduct amount received for reinsurance 12,967 62 

12,973 18 

Net amount paid during the year for said losses $ 62,777 61 

Total net amount paid daring the year for fire losses in Canada $ 79,519 47 

Commission or brokerage in Canada 18,648 80 

Salaries, fees and all other charges of officials in Canada * 9,933 61 

Taxes in Canada 2,259 49 

Miscellaneous, viz.: — Loss .expenses, 81,926.25; stationery, $873.67; 
travelling, $673.11; advertising, $696.17; postage, $1,273.82; 
office expenses, $517.22; legal expenses, $79.14; block plans, 
$418.98; underwriters' associations, $608.27; special allowances, 
8338.25 7,404 88 

Total expenditure in Canada $ 117,766 25 

RI8KS AND PREMIUMS. 

Fire Bisks in Canada. Amount. ^h^ron™ 

Gross policies in force at date of last statement 8 8,878.462 8 110,534 63 

Policies taken during the year— new 9,323,293 107,889 28 

do do renewed 2,746,734 43.365 68 

Total $ 20,448,489 $261,789 59 

Deduct terminated 9,165,482 110,008 55 

Gross in force at end of year $ 11,283,007 8 150,781 04 

Deduct reinsured 1,162,686 15,986 03 

Net in force on 31st December, 1892 g 10,120,321 S 134,795 01 

Total number of policies in force at date (No return.) 

Total net amount in force $10,120,321 00 

Total premiums thereon 134,79 5 01 

Subscribed and sworn to, 21st February, 1893, by 

JAMES BOOMER, 

Chief Agent. 

(Received, 23rd February, 1893.) 



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90 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

MANCHESTER FIBE— Continued. 

General Business Statement for the Year ending 31st December, 1892. 

(Abstracted from the Directors' Report, Manchester, 28f A March, 1893.) 

The premiums (after deducting reinsurances) amounted to £515,802 4s. 7d. 
The losses, including full provision for all unsettled claims, amounted to £302,495 
lis. 5d., say 587 per cent. 

fire and revenue account. 

After paying all expenses, commissions and taxes the fire account 

for the year closed with a surplus of. £ 43,655 11 8 

The income from interest on investments yielded 13,781 18 

Surplus as per revenue account £ 57,437 9 8 

DIVIDEND. 

An interim dividend of 2s. per share was paid in September last, and 
the directors now recommend a further dividend at the same 
rate for the past half year, and also a bonus of Is. per share, 
making for the year 12J per cent 18,750 

Leaving to be added to the funds for the year (after providing for 

dividend as above) £ 38,687 9 8 



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92 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE MERCANTILE FIRE INSURANCE COMPANY. 



Statement for the Year ending 31st December, 1892. 
President — I. E. Bowman, M.P. | Secretary — Jas. Lockie. 

Principal Office — Waterloo, Ont. 
(Incorporated, 1st Nov., 1875. Commenced business in Canada, 1st Nov., 1875.) 



capital. 



Amonnt of joint stock capital anthorized 8 500,000 00 

Amount subscribed for 200,000 00 

Amount paid up in cash 40,000 00 

(For List of Stockholders, see Appendix.) 



assets. 



Loans secured by bonds and mortgages, on which not more than one 

year's interest is due, constituting a first lien on real estate % 54,360 00 

Loans as above on which more than one year's interest is due, and for 

which judgment has not been obtained — First liens 5,200 00 

Interest due and unpaid on said loans 9 108 71 

do accrued do 2,347 93 



Total interest carried out 2,456 64 

Stocks, bonds and debentures, viz. : — 

Par value. Market value. 

Thorold Debentures $ 5,276 33 $ 5,487 38 

Leamington do 9,708 10 10,190 02 

Arthur do 5,000 00 5,300 00 

Thamesville do 3,722 00 3,722 00 

Markdale do 4,145 72 4,31154 

Markham do 12,743 03 13.485 56 

Berlin do 5,559 00 5,781 36 

Guelph and Ontario Investment and Savings Society De- 
bentures 2,600 00 2,600 00 

Windsor Debentures 5,000 00 5,250 00 

Guelph do 4,400 00 4,796 00 

Total par and market values . $ 58.244 18 $ 60,923 8 6 

Carried out at market value 60,923 86 

Cash on hand at head office 5,197 34 

Interest accrued and unpaid on bonda, &c 743 55 

Agents' balances 9,788 25 

Bills receivable 1,469 36 

Office furniture and Goad's plans 707 00 

Total gross assets 9 140,846 00 

Amount which should be deducted on account of bad or doubtful 

agents' balances 1,712 86 



Total net assets $ 139,133 14 

LIABILITIES. 

Net amount of losses claimed but not adjusted $ 1,225 00 

do reported or supposed but not claimed . 710 87 

do resisted and in suit 1,268 88 



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FIRE AND INLAND MARINE tN8URANCB COMPANIES. 93 

MERCANTILE FIRE— Continued. 

Total net amount of unsettled claims for fire losses $ 3,204 75 

Beserve of unearned premiums for all outstanding risks in Canada .... 70,809 28 

Bank overdraft 1,912 29 

Dividends declared but not yet due 2,000 00 

Total liabilities (excluding capital stock) $ 77,926 32 

Capital stock paid up $ 40,000 00 

Surplus beyond all liabilities and capital stock $ 21,206 82 

INCOME. 

For Fire Bisks. 

(iroes premiums received in cash 8 118,491 03 

(irons cash received on bills or notes taken for premiums 2,947 83 



Gross cash received for premiums $121,438 86 

Deduct reinsurance, rebate, abatement and return- premiums 22,853 79 



Net cash received for premiums $ 98,585 07 

(Bills and notes received during the year for premiums and remaining unpaid.$ 1,469 36) 

Total net cash received for premiums $ 98,585 07 

Received for interest and dividends 6,734 83 

Total cash income $ 105,319 90 

EXPENDITURE. 

For Fire Losses. 
Amount paid for Iohsos occurring in previous years $ 367 00 

Amount paid for losses occurring during the year 8 96,333 44 

Deduct amount received for reinsurance 14,329 97 

Net amount paid during the year for said losses 8 82,003 47 

Total net amount paid during the year for fire losses .$ 82,370 47 

Amount of dividends paid during T the year at 10 per cent, half yearly.. 4,000 00 

Commission or brokerage 24,126 73 

Salaries, fees and all other charges of officials 5,163 33 

Taxes 140 00 

Miscellaneous payments, viz. : — 

Fuel, light, &c, $27.75 ; postage, $874.01 ; books and stationery, 
$684.09; telegraph and telephone, $116.55; adjusting losses, 
$1,605.97; bank exchange, $70.47; printing, $293.15 ; adver- 
tising, $633.24; auditors' fees, $60; Canadian Fire Under- 
writers' Association, $344.78; express charges, $60.72; sundry 
expense. $290.01 ; rent, $615; solicitor's charges, $50; furni- 
ture, $75 ; 5,800 74 

Total cash expenditure $_121,601 27 

■ — — 

i CASH ACCOUNT. 

1891. Dr. 1892. Cr. 

I**. 3L To Balance in hand and in banks Dec. 31. By Expenditure as above 8 121,601 27 

; 1892. at this date $ 16,868 05 Investments 17,615 50 

I>ec 31. Income as above 105,319 90 Balance in hand and in 

Received from realization of banks this date 3,285 05 

investments 20,313 87 



g 142,501 82 $ 142,501 82 

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94 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

MERCANTILE FIRE— Concluded. 

RISKS AND PREMIUMS. 

Premium* 
Fire Risk* in Canada. No. Amount. thereon. 

Gross policies in force at 31st December, 1891 11,025 $ 11,267,137 $ 134,849 37 

Taken during the year— new and renewed 8,848 10,091,660 124,599 29 

Total 19,873 * 21,358,797 * 259,448 66 

Deduct terminated 8,018 8,639,919 107,874 79 

Gross in force at end of year 11,855 $ 12,718,878 9 151,573 87 

Deduct reinsured 808,457 9,955 31 

Net in force at 3Ut December, 1892 11,855 9 11,9 10,421 $ 141,618 56 

Total number of policies in force at date 11,855 

Total amount in force $11,910,421 00 

Total premiums thereon 141,618 56 

Subscribed and sworn to, 18th February, 1893, by 

JOHN SHUH, 

Vice-President. 

JAMES LOCKIE, 

Secretary. 

(Received, 20th February, 1893.) 



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FIRS AND INLAND MARINE INSURANCE COMPANIES. 95 

THE NATIONAL ASSUEANCE COMPANY OF IRELAND. 



Statement for the Year ending 31st December, 1892. 
Secretary — Harold Engelbach. | Principal Office — Dublin. 

Agent in Canada — Matthew C. Hinshaw. | Head Office in Canada — Montreal. 

(Incorporated, 10th Nov., 1828. Commenced business in Canada, 2nd April, 1883.) 



capital. 



Amount of joint stock capital authorized £ 2,000,000 $9,733,333 33 

Amount subscribed for * 1,000,000 4,866,666 67 

Amount paid up in cash 100,000 486,666 67 



ASSETS IN CANADA. 

Slock in deposit with Receiver-General, viz. : — 

Par value. Market value. 
Canada 4 per cent stock * 100,161 00 9 106,170 66 

I Carried out at market value $ 106,170 66 

i Cash on hand at head office in Canada Nil. 

Cash in Bank of British North America 8,258 24 

Amount of cash in the hands of ageuts in Canada 7,397 51 

Office furniture, including maps, plans, books, &c 2,687 73 

Total assets in Canada $ 124,514 14 

LIABILITIES IN CANADA. 

Net amount of losses in Canada, claimed but not adjusted 9 1,920 76 

do do reported or supposed, but not claimed 2,500 00 

Total net amount of unsettled claims for losses in Canada $ 4,420 76 

Reserve of unearned premiums for all outstanding risks in Canada 56,030 0* 

Total liabilities in Canada J^ 60,450 81 

INCOME IN CANADA. 

Gross cash received for premiums $ 100,794 06 

Deduct reinsurance, rebate, abatement and return-premiums ... 10,318 48 

Net cash received for premiums 8 90,475 58 

'Interest on stock 4,006 44 

Total cash income in Canada .. $ 94,482 02 

EXPENDITURE IN CANADA. 

Amount paid for losses occurring in previous years (which losses were esti- 
mated in the last statement at $7,254.80) $ 6,384 65 



Amount paid for losses occurring during the year $ 55,867 20 

Deduct amount received for reinsurance. 538 55 



Net amount paid during the year for said losses $ 55,328 65 

* Paid direct to head office, Dublin. 

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96 DEPARTMENT OF FINANCE — INSURANCE BRANCB. 

NATIONAL OF IRELAND— Continued. 

Net amount paid during the year for fire losses ....$ 61,713 30 

Commission or brokerage in Canada 14,441 92 

Salaries, fees and all other charges of officials in Canada 3,556 63 

Taxes in Canada 2,539 35 

Miscellaneous expenditure, viz. : — Office charges, $625.74 ; stationery 

and printing, $650.57 ; advertising, $378.52 ; maps and block plans, 

$305.60 ; postage, express and telegrams, $251.31 ; travelling. 

$666.73 ; office rent and taxes, $528.68 ; agents' charges, $732.39 ; 

sundries, $39.11 4,178 65 

Total cash expenditure in Canada $ 86,429 85 

EISK8 AND PREMIUMS. 

Amount *=" 

Gross policies in force at date of last statement $ 8,230,907 $ 96,850 00 

Policies taken during the year— new and renewed 8,444,851 106,819 66 

Total $ 16,675,758 $203,169 66 

Deduct terminated 8,053,312 91,782 58 

Gross in force at end of year 8 8,622,446 $111,387 08 

Deduct reinsured 189,620 2,537 81 



Net in force at 31st December, 1892 $ 8, 432,826 $ 108,849 27 

Total number of policies in force in Canada at date No return. 

Total net amount in force $8,432,826 00 

Total premiums thereon \ ™?>849^27 

Subscribed and sworn to, 7th March, 1893, by 

MATTHEW C. HINSHAW, 

Chief Agent. 

(Received, 8th March, 1893.) 



General Business Statement for the Year ending 31st December, 1892. 
{Abstracted from the Directors' Report, Dublin, Ireland, 12th April, 1893.) 

fire department. 

In the tire branch the company has had to meet, in common with most other 
companies, an unusual amount of fire claims. 

The premiums amounted to £245,135 5s. 7d.; the fire claims were £185,770 9s. 5d., 
and the commissions and expenses combined were £77,750 Is. 4d. 

The fire reserve fund at the end of the year, including £20,281 12s. 9d. credited 
from profit and loss, stands at £100,000. 

profit and loss and dividends. 

The balance to the credit of profit and loss account, after deducting the 
£20,281 12s. 9d., passed to the fire fund, is £5,534 Is. 3d., out of which the directors 
propose to recommend the payment of £2,500, which, with the interim dividend of 
£4,000 paid in September last, will be 6J per cent on the paid-up capital. After 
payment of the dividend, there will be carried forward £3,034 Is. 3d. to the current 
year's account. 



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FIRE AND INLAND MARINE IN8URANCE COMPANrES. 

NATIONAL OF IRELAND— Continued. 



97 



FIRE ACCOUNT. 

1892. £ s. d. 1892. £ s. d. 

Jan. 1. Amount of fire insurance fund Dec. 31. Claims by fire (after deduc- 

at the beginning of the year 98,103 12 5 tion of reassurances) 185,770 9 5 

Dec. 31. Premiums received (after de- Commission 50,701 9 5 

duction of reassurances) . . 245,135 5 7 Expenses of management 27,048 11 11 

Amount transferred from Amount of fire insurance fund 

profit and loss 20,28112 9 at the end of the year 100,000 

£383,520 10 9 £363,520 10 9 



PROFIT AND L08S ACCOUNT. 



1892. £ s. 

Jan. 1. Balance of lasc year's account 22,237 16 
Dec, 31. Interest and dividends not 

carried to other accounts. . 6,546 13 
Amount transferred from — 

Life fund, No. 1 955 10 

Liberal Annuity Co 9,528 10 

Dublin widows r trust fund. 2,789 9 

Great Britain trust fund . . 969 
Investment fluctuation 

fund 127 2 



1892. 
Dec. 31. 



s. d. 



Dividend to share- 
holders, being 
final dividend 
for year 1891 ... £5,000 

Interim dividend 
for year 1892... 4,000 

9,000 

Wear and tear, and repairs. . 306 2 7 

Great Britain expenses ac- 
count 28 15 3 

Expenses of management not 
charged to other accounts . 1,500 

Loss on realization of invest- 
ments . . 127 2 3 

Amount transferred to an- 
nuity fund 5,497 11 

Amount transferred to life 
fund, No. 2 878 17 3 

Amount transferred to fire 
reserve fund 20,281 12 9 

Balance at end of 

the year £14,534 1 3 

Dividends 
as above. 9,000 



£ 43,154 2 4 



5,534 1 3 
£ 43,154 2 4 



4-J 



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98 



DEPARTMENT OF FINANCE — INSURANCE BRANCH. 



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100 DEPARTMENT OP FINANCE — INSURANCE BRANCH. 

NORTH BRITISH AND MERCANTILE INSURANCE COMPANY. 



Statement for the Year ended 30th November, 1892. 

President— Right Hon. Sir Matthew Whete Ridley, Bart., M.P. 

Manager—A. Gillies Smith, F.R.S.E. 

Managing Director in Canada — Thomas Davidson. 

Principal Offices — Edinburgh and London. | Head Office in Canada — Montreal. 

(Established, 1809. Commenced business in Canada, 1862.) 



CAPITAL. 



Amount of joint stock capital authorized, £3,000,000 sterling $14,600,000 00 

Amount .^mbHcribcd ior, £2,500,000 sterling 12,166,666 67 

Amount paid up in cash, £625,000 3,041,666 67 



ASSETS IN CANADA. 

Real estate (lees encumbrances) in Canada, held by the Company, viz. : — 

Four story building, situate N.-W. corner of St. Francis- Xavier and 
Hospital Streets, Montreal, occupied by the company and tenants as 
offices ! $ 65,000 00 

Three story building, 26 Wellington Street, Toronto, occupied by the 

company and tenants as offices 25,000 00 

* 90,001) 00 

Loans secured by bonds or mortgages constituting a first lien upon 

real estate , 878,467 00 

Amount of loans secured by bonds, stock or other marketable collater- 
als, viz. : — 

London and Canadian Loan and Agency Company bonds $ 146,000 00 

150 shares of Toronto Street Railway bonds 95,000 00 



Stocks and bonds, viz. : — 

Par value. 

Montreal Harbour bonds $ 175,000 00 

Town of Stratford bonds 80,000 00 

C«unty of Carleton bonds 10,000 00 

Montreal Corporation stock 14,000 00 

County of Middlesex bonds 13,000 00 

Province of Manitoba bonds 31, 146 67 

Province of New Brunswick bonds 75,000 00 

Township of York bonds 19,000 00 

Town of Owen Sound bonds 95,000 00 

Town of St. Henry bonds 100,000 00 

Victoria Government bonds 50,613 33 

Queensland bonds 97,333 33 

Deposited with Receiver-General in trust for security of policy-holders. .$ 710,093 33 

Other investments entirely in control of the Company : — 

City of Montreal sfctck 34,700 00 

City of Halifax stock (j>ennanent) 15,000 00 

Province of Quebec bonds 51,000 00 

City of Belleville bonds 15,000 00 

City of Ottawa bonds 50,000 00 

City of Brantford bonds 20,000 00 

County of Middlesex bonds 60,000 00 

Town of Parkdale bonds .... 27,860 00 

Town of Goderich bonds, 65,000 00 

Town of Welland bonds 32,000 00 

Town of Nicolet bonds 41,000 00 

Central Canada L Dan and Savings Co. s bonds 50,000 00 



241,000 00 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 101 

NORTH BRITISH AND MERCANTILE— Continued. 

Town of Woodstock bonds .-...$ 60,000 00 

Present value of province of Ontario railway subsidy fund certificates. . . 36,284 49 

Present value town of Chatham bonds 21,412 93 

Town of Windsor bonds 32,472 00 

Town of Trenton bonds 30,000 00 

Town of Lachine bonds 35,000 00 

Township of Rochester bonds 455 09 

do do (payable by yearly instalments) 2,387 32 

Town of Petrolea bonds do do 30,270 79 

Village of Wallaceburg bonds do do 6.750 60 

Township of Romney do . do do 18,199 80 

Township of Colchester do do do 1,421 00 

Township of Raleigh do do do 7,957 51 

Town of Picton do do do 16,876 16 

St. James' Cathedral bonds 67,831 66 

City of Hamilton 95,000 00 

West Toronto Junction bonds (payable by yearly instalments) 23,813 78 

Town of Cornwall do do do 31,028 65 

Cote St Antoine bonds 100,000 00 

City of Hamilton Roman Catholic separate school bonds 30,474 56 

Township of Richmond, B.C., bonds 50,000 00 

City of London, On t., bonds 60,000 00 

City of Victoria, B.C., bonds 126,000 00 

Montreal Board of Trade 5 per cent bonds 5,000 00 

Total par value $2,062,289 67 

Gash on hand at head office in Canada _ 433 22 

Cash in bank of Montreal, Montreal 44,646 86 

Interest accrued and unpaid on stocks and bonds 40,828 50 

Balance due by agents in Canada 40,870 84 

Office furniture and supplies in Montreal, Toronto and St. John, N.B.. 2,500 00 

Total assets in Canada $3,401,036 09 



LIABILITIES IN CANADA. 

Xet amount of fire losses in Canada reported or supposed, but not claimed (of 

which $600 accrued in previous years) '. $ 10,352 15 

Net amount of fire losses in Canada resisted— in suit $12,951 66 

do do not in suit 2,150 00 

Total amount of losses resisted ($6,500 of which accrued in previous years). . 15,101 66 

Total net amount of unsettled claims for fire losses in Canada $ 25,453 81 

Reserve of unearned premiums for all outstanding fire risks in Canada. ^281,948 41 

Reinsurance fund, under the life insurance branch 606,150 70 

Doe and accrued for salaries, rent, advertising, agency and other mis- 
cellaneous expenses 10,702 00 

Total liabilities in Canada $ 924,254 92 



INCOME IN CANADA. 

tjross cash received for fire premiums $ 438,933 01 

Deduct reinsurance, Ac. 58,541 30 

Net cash received for fire premiums , $ 380,302 61 

Received for interest and dividends 117 322 46 

Rents (net) 4,606 77 

Total cash income in Canada $ 502.321 84 



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102 DEPARTMENT 07 FINANCE — INSURANCE BRANCH. 

NOKTH BRITISH AND MERCANTILE— Continued. 

EXPENDITURE IN CANADA. 

Paid during the year for fire losses occurring in previous years , 
(which losses were estimated in the last statement at 
$11,154. 18) * 10,90185 

Less amount received for reinsurance Nil. 



Net amount paid during the year for said losses $ 10,901 85 

Paid for fire losses occurring during the year $ 240,617 18 

Less reinsurance 11,116 96 

Net amount paid for said losses $ 229,500 22 

Total net amount paid during the year for fire losses in Canada $ 240,402 0*7 

Commission or brokerage 59,865 41 

Salaries, fees and all olher charges of officials in Canada 24,231 27 

Taxe* in Canada , 3,511 76 

All olher expenditure in Canada, viz. : — Advertising, newspapers and 
directories, $1,534.46 ; calendars and memorandum books, $1,2 13.44; 
retiring allowances, $2,100 ; book-binding, printing and stationery, 
$3,309.93; heating, lighting and water, $457.39; underwriters' 
association, $1,069.73 ^travelling expenses, $3,291.37 ; office fur- 
niture, $115.71 ; auditors' fees and legal expenses, $893.70; rente, 
$4,303.46; insurance superintendence, $175.38; other miscellaneous 
expenses, $853.02 ; postage, express, bank charges and telegrams, 
$3,291.05; plans, $1,262.80; fieight and duty, $195.33 ; telephones, 
$151.50; fire commission, $421.00 ; tire marshal's salary, $50.00; 
registry of insurance corporations, $110.00; electric service, $120. 
Total, $2*,919;27. Less proportion of expenses chargeable to life 
branch, $1,500 23,419 27 

Total cash expenditure $ 351,429 78 

Fire Risks in Canada. No. Amount. Premiums. 

Gross policies in force at date of last statement 27,026 $ 49,172,022 $ 521,844 00 

Taken during the year— new and renewed 19,782 40,621,900 441.438 66 



Total 46,808 f 89,793,922 * 963,282 66 

Deduct terminated 17,864 30,785,331 394,089 75 



Gross in force at 30th November, 1892 28,944 * 53,008,591 $ 569,192 91 

Deduct reinsured 2,849,262 28,540 44 

Net in force, 30th November, 1892.... 28,944 8 50,159,329 S 540,652 47 



Total number of policies in force at date 28,944 

Total net amount in force $50,159,329 00 

Total premiums thereon 540,652 47 



Subscribed and sworn to, 2nd March, 1893, by 
(Eeceived, 3rd March, 1893.) 



THOMAS DAVIDSON, 

Managing Director. 



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VIBE AND INLAND MARINE INSURANCE COMPANIES. 103 

NORTH BRITISH AND MERCANTILE— Continued. 

General Business Statement for the Year ending 31st December, 1892. 
(Abstracted from Directors' Report, Edinburgh, Scotland, \2th May, 1893.) 

FIRE BUSINESS. 

In 1892 the premiums received amounted to £1,784,120 6 10 

Deduct reinsurances 316,801 14 6 

Net premiums £1,467,318 12 4 

In 1891 the premiums received amounted to £1,734,761 8 8 

Deduct reinsurances 292,830 2 1- 

Net premiums 1,441 ,931 6 7 

The net losses by fire have amounted to the exceptionally large sum of 
£998,384 Is. 5d., which includes a full estimate of all claims that had arisen prior 
to 31st December, 1892. 

After setting aside, as usual, one-third of the net premiums of the year, to 
provide for liabilities on current policies, the balance at the credit of profit and loss 
account for 1892 amounts to £172,447 18a. 8d. This includes £28,669 19s. Od. of 
profit realized on the sale of investments and the unappropriated balance of 
£58,374 16s. 4d. brought forward from 1891. 

The charges against revenue last year show a diminished percentage on the 
premiums, caused in part by the absence in 1892 of the exceptional charges attend- 
ing the close of the quinquennial period in 1890. A special committee of the 
general court has the matter of expenses still under consideration, and it iB hoped 
that its labours will result in yet further reductions. 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 107 

THE NORTHERN ASSURANCE COMPANY. 



Statement for the Year ending 31st December, 1892. 
Chairman — Alexander Davidson. | General Manager — Jas. Valentine. 

Principal Offices — London and Aberdeen. 

Head Ojfice in Canada — Montreal. j Agent in Canada — Robert W. Tyre. 

(Established, 2nd June, 1836. Commenced business in Canada, 1867.) 



CAPITAL. 



Amount of joint stock capital authorized and subscribed 

for £3,000,000 $14,600,000 00 

Amount paid up in cash 300,000 1,460,000 00 



ASSETS IN CANADA. 

Stocks and bonds in deposit with Receiver-General : — 

British Columbia Bonds 3 100,253 33 

City of Toronto bonds 111,446 67 

Total par value $ 211,700 00 

Carried out at par value $ 211,700 00 

Cash in hand at head office 638 94 

Cash in Bank of Montreal 3,162 64 

Cash in the hands of agents in Canada 13,632 45 

Insurance maps and plans 4,000 00 

Office fixtures and furniture 1,000 00 

Total assets in Canada ... . $ 234,134 03 

LIABILITIES IX CANADA. 

Net amount of losses in Canada claimed but not adjusted $ 88 17 

do do resisted— in suit 2,666 67 



Net amount of unsettled claims for losses in Canada $ 2,754 84 

Reserve of unearned premiums for all outstanding fire risks in Canada. 119,682 63 

Total liabilities in Canada $ 122,437 47 

INCOME IN CANADA. 

Gross cash received for fire premiums $ 204,357 70 

Deduct reinsurance, rebate, abatement and return-premiums 34,230 11 

Netca6h for fire premiums $ 170,127 59 

^Interest and dividends on stock and all other sources 12,580 33 

Total cash income in Canada > 182,707 9 2 

i 

'Interest paid direct to head office, London. - 

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108 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE NORTHERN— Continued. 

EXPENDITURE IN CANADA. 

Amount paid during the j^ear for lire losses occurring in previous years (which ' 

losses were estimated in the last statement at $9,463.41) $ 9,463 41 

Paid for fire losses occurring during the year 9 113,882 09 

Deduct reinsurances 21,607 15 

Net amount paid for said losses 92,274 94 



Total net amount paid during the year for fire losses in Canada $ 101,738 35 

Commission or brokerage in Canada 23,424 79 

Salaries, fees, and all other charges of officials in Canada 9,460 78 

Taxes in Canada '. 2,427 94 

Miscellaneous payments, viz.: — Maps, $595.40; exchange, $171.78; 
postage, $1,195.71; underwriters' association, $499.86; rents, 
$1,729.03; stationery and printing, $951.22; travelling expenses, 
$1,075.85; advertising, $1,016.46; auditors, $187.50; office ex- 
penses, $879.40 , 8,302 21 

Total expenditure in Canada $ 145,354 07 

RISKS AND PREMIUMS. 

Fire Risks in Canada. . No. Amount. P t h^JT 

Gross policies in force at date of last statement 13,639 9 22,305,091 $ 256,181 22 

Taken during the year— new ... 4,464 8,677,062 91,080 04 

do do renewed 4,873 8,941,682 113,263 84 



Total 22,976 $39,923,835 $460,525 10 

Deduct terminated 8,913 16,687,466 198,151 14 



Gross in force at end of year 14,063 $ 23,236,369 $262,373 96 

Deduct reinsured 2,127,206 26,18168 



Net in force at 31st December 1892. . . . 14,0 63 $ 21,109,163 $ 236,19228 

Total number of policies in force in Canada at date 14,063 

Total net amount in force $21,109,163 00 

Total premiums thereon 236,192 28 

Subscribed and sworn to, 28th February, 1893, by 

ROBT. W. TYRE, 
(Received, 1st March, 1893.) Manager. 



General Business Statement fob Year ending 31st December, 1891. 
{Abstracted from Directors' Report, Aberdeen, Scotland, 10<A June, 1892. 

FIRE DEPARTMENT. 

The premiums received last year amounted to £683,298 lis. 3d. showing an 
increase of £17,834 3s. 3d. over those of the previous year. 

The losses amounted to £424,547 16s. Id. or 61-6 percont of the premiums, 
which is a higher ratio than has been experienced since tne year 1884. The general 
average of the experience of the company from the beginning is now 59 *04 per cent. 

The expenses of management (including commission to agents aud charges of 
every kind) came to £232,504 15s. 3d. or 33*7 per cent of the promi urns. This is -9 
per cent higher than the ratio of the year before, but almost indentical with that of 
the year 1889. 



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FERE AND INLAND MARINE IN8URAN0E COMPANIES. 

THE NORTHERN— Continued. 



109 



The result is that, after reserving the usual 33£ per cent of premiums to cover 
liabilities under current policies, a profit was earned of £26,301 5s. 6d. which sum 
has been transferred to the credit of the profit and loss account. 



FIRE ACCOUNT. 

£ s. d. £ h. d. 

Amount of fire fund at the beginning Losses by fire paid and 

of the year 850,000 outstanding (after de- 
Amount transferred from profit and duction of reinsuran- 

loss account, in terms of res >lution ces) £424,547 16 1 

of general meeting held 12th June, Commission 104,790 1 

1*591.. 50,000 Expenses of manage- 

Profwrtion of premiums ment. 127,714 15 2 

ae* aside to meet Ha- Proportion of premiums 

V\lity under current set aside to nieet lia- 

policies at 31st Dec- * bilitv under current 

ember. 1890 £223,821 9 4 polici<«, being one- 

Premiums received third of the revenue 

(after deduction of for 1891 229,766 3 9 

reinsurances) 689,298 11 3 Balance of revenue 

i transferred to profit 

and loss account 26,301 5 6 

Amount of fire fund at 
the end of the year, 
as per balance sheet. £ 900,000 

£913,120 7 £900,000 £913,120 7 £900,000 



PROFIT AND LOSS ACCOUNT. 



Balance brought forward from last year 

Amount transferred from non- partici- 
pation life account, in terms of res- 
olution of general meeting held 12th 
June, 1891 

Profit on fire account of 1891 

Balance of interest account, after de- 
ducting the amounts due to the life, 
annuity, and staff funds, respectively 

Profit on investments reali: 

Transfer fees 



£ 
109,125 



37,500 
26,301 



s. d. Amounts transferred, in terms of res- 
8 olutions of general meeting held 12th 
June, 1891 :— 

To fire fund 

To annuity fund 

To staff pension fund 

5 6 Dividend and bonus declared June 12, 

1891 

Dividend declared 19th November, '91 

67,264 18 5 Income tax 

6,029 7 10 Allowances to retired officers of the 

46 company 

Company's moiety of assurance pre- 
miums of staff 

Agents' balances irrecoverable 

Loss on exchange 

Balance at credit of this account, as 
per balance sheet 



s. d 



50,000 

1,481 

5,000 

60,000 

30,000 

4,798 8 11 

1,457 

854 12 4 

64 5 

1,325 12 3 

91,285 13 11 



£246,206 12 5 



£246,266 12 5 



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FI&E AND INLAND MARINE INSURANCE COMPANIES. Ill 

THE NORWICH UNION FIRE INSURANCE SOCIETY. 



Statement for the Year ending 31st December, 1892. 

President — Henrt S. Patteson. | Secretary — Chas. Edward Bionold. 

Principal Offige — Norwich, England. 

CJuef Agent in Canada — Alexander Dixon. | Head Office in Canada — 22 Toronto 

Street, Toronto. 

(Organized and commenced business, 1797. Commenced business in Canada, 

1st April, 1880.) 



CAPITAL. * 



Amount of joint stock capital authorized and subscribed for... £1,100,000 $5,353,333 33 
Amount of capital paid up in cash 132,000 642,400 00 



ASSETS IN CANADA. 

Stocks in deposit with Receiver-General, viz. : — 

Par value. Market value. 
Canada 4 per cent $ 100,000 00 $ 105,000 00 

Carried out at market value $ 105,000 00 

Cash on hand at head office in Canada 5,714 12 * 

Cash in banks, viz. : 

Bank of Montreal, Toronto $ 38,300 06 

do Montreal 245 48 



Total 38,545 54 

Agents' balances 8,999 63 

Total assets in Canada $ 158,259 29 

LIABILITIES IN CANADA. 

Net amount of losses in Canada adjusted but not due - $ 7,550 00 

do do resisted— in suit 1,333 00 



Total net amount of unsettled claims for losses in Canada .'$ 88,83 00 

Beserve of unearned premiums for all outstanding risks in Canada 89,448 11 

Total liabilities inCanada $ 98,331 11 

INCOME IN CANADA. 

Gross cash received for fire premiums $ 147,824 90 

I Deduct reinsurance, rebate, abatement and return-premiums. . 29,426 09 

Net cash received for premiums s. % 118,398 81 

^Received for interest on stocks, &c 4,000 00 

Interest on bank deposits 1,000 38 

Total income in Canada $123, 399 19 

* Paid direct to home office. 



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112 DEPARTMENT OF FINANCE— INSURANCE BRANCH. 

NORWICH UNION- Continued. 

EXPENDITURE IN CANADA. 

Amount paid for losses occurring in previous years (which losses 

were estimated in last statement at $2,695.25) $ 2,569 63 

Less amount received for reinsurance Nil. 



Net amount paid during the year for said losses $ 2,569 63 

Amount paid for losses occurring during the year $ 84,771 83 

Less amount received for reinsurance 12,759 11 

Net amount paid during the year for said losses 72,012 72 

Total net amount paid during the year for fire losses $ 74,582 35 

Commission or brokerage and bonus on profits in Canada 26,695 56 

Tnxes in Canada 2,211 71 

Miscellaneous payments, viz.': — 

Duty, $92.90; inspection, $1,150; Canadian fire under writers's asso- 
ciation, $351.17; insurance superintendence, $52.60 1,646 67 

Total cash expenditure in Canada $ 105,136 29 

BISKS AND PREMIUMS. 

Fire Risks in Canada. No. Amount. Premiums. 

Gross policies in force at date of last statement 11,948 $ 16,232,632 $ 174,763 35 

Policies taken during the year— new 5,439 7,957,891 87,543 41 

do do renewed 3,462 5 041 ,661 60,281 49 



Total 20,849 $29,232,184 $322,588 25 

Deduct terminated 7,433 11,157,951 122,512 84 



Gross in force at end of year 13,416 $ 18,074,233 $200,075 41 

Deduct reinsured 2,249,873 24,617 81 



Net in force at 31st December, 1892 13,413 $ 15,824,360 $ 1 75,457 60 



Total number of policies in force in Canada at date 13,416 

Total net amount in force $15,824,360 00 

Total premiums thereon 175,457 60 

Subscribed and sworn to, 2nd March, 1893, by 

ALEXANDER DIXON, 

Chief Agent. 

(Received, 4th March, 1893.) 



General Business Statement for the Year ending 31st December, 1891. 

(Abstracted from the Directors* Report, Norwich, England, 1th June, 1892.) 

The net premium income for the Year ending 31st December, 1891, 

amounted to.... ...j £ 792,841 

The net premium income for 1890 amounted to 748,347 

Showing an increase on the previous year of 44,194 

After setting aside one-third of the premiums (£264,280) as a reserve against 
liabilities on policies not run off, the balance at the credit of profit and loss account, 
including the unappropriated balance, £137,143, brought forward from the previous 
year, is £213,104, out of which an interim dividend of £2 per share was paid in 
January last, and a further dividend of £2 per share with a bonus of 10s. has been 
declared by the board, and will be payable on the 9th of June. 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 



113 



NOEWICH UNION— Concluded. 

The undivided balance is £163,604; of this £20,000 has been added to the reserve 
fund and £1,000 to the clerks' superannuation and benefit fund, leaving £142,604 to 
be carried to next year's credit. 

The percentage of losses on premiums is 59*62, as against 62*59 in 1890, and 
63*03 in 1889. 

The shares are now quoted on the London and Liverpool stock exchanges. 

Revenue Account fob the Year ending 31st December, 1891. 

£ a. d. £ 8 . d. 

Fire insurance fund at 31st Dec., 

1890 817,092 15 Dividends and bonus to proprietors . 49,500 

Premiums 792,841 14 6 Clerks' superannuation and benefit 

Interest 31,989 8 10 Fund 1,000 

Transfer fees 37 15 Losses by fire 472,67116 3 

Commission 162,669 9 

Expenses of management 93,813 16 

Decreased value of investments 4,921 lf> 8 

Fire insurance fund at 31st Dec., 

1891 857,385 4 8 



£1,641,961 13 4 



£1,641,961 13 4 



Balance Sheet at 31st December, 1891. 



LIABILITIES. 

Paid-up capital 

Fire insurance fund — 

Reserve fund £380,000 

Reserve on current 

policies 264,280 11 6 

Balance disposable.. 213,104 13 2 

Retained for losses outstanding 

Expenses unpaid, estimated at 

Bills payable 

Clerks' superannuation fund 

Unclaimed dividends. 



£ 
132,000 



d. 




857,385 

66,408 

3,067 



8 
3 

729 15 8 
10,449 11 10 
494 2 



ASSETS. 

British Government securities. 

Colonial Government securities. . . . 

United States Government securi- 
ties 

United States railway and muni- 
cipal securities 

Austrian Government securities. . . 

Belgian Government securities . . . 

Argentine Government securities. . 

Bank of England stock 

Railway debenture stock 

Investment funds, municipal stock, 
Ac 

Mortgages 

Real estate 

Leasehold property 

Salvage Corps building funds. 

Interest accrued 

Bills receivable 

Bankers' balances, English 

jjo foreign and co- 
lonial 

Premiums in course of collection 
(since collected) 

Agents' balances 

Cash in office 



£ 8. 


d. 


95,250 
71,230 17 




7 


118,745 





185,752 4 

3,477 10 

21,340 

1,328 2 

78,545 

45,950 


4 


6 




67,135 

31,000 

36,400 

409 12 





8 


5,716 5 7 

8,055 13 2 

5,174 12 10 

53,036 16 


93,953 6 


4 


59,476 10 7 

88,457 10 10 

100 



£1,070,534 2 5 



£1,070,534 2 5 



/ 



4-8 



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114 DEPARTMENT OP FINANCE — INSURANCE BRANCH. 

THE PHENIX INSURANCE COMPANY OF BROOKLYN, N.Y., U.S. 

Statement for the Year ending 318i^December, 1892. 

.President — Georoe P. Sheldon. | Secretary — Charles C. Little. 

Principal Office— 16 Court Street, Brooklyn, N.Y. 

^Incorporated 10th September, 1853. Charter renewed 9th September, 1883, for 

thirty years.) 

Agent in Canada — L. C. Camp. | Head Office in Canada — Toronto. 

(Commenced business in Canada, 1st May, 1874.) 

CAPITAL. 

Amount authorized, subscribed for, and paid up in cash $1,000,000 00 



A88ETS IN CANADA. 

United States bonds in deposit with Receiver-General, viz. : — 

Par value. Market value. 
United States bonds, 4 per cent, registered $ 100,000 00 $ 115,000 00 

Carried out at market valuo $ 115,000 00 

Cash in the hands of agents in Canada 17,507 58 

Total assets in Canada $ 132,507 58 

LIABILITIES IN CANADA. 
Net amount of fire losses in Canada claimed but not adjusted $ 3,050 00 

Total amount of unsettled claims for losses in Canada $ 3,050 00 

Reserve of unearned premiums for all outstanding fire risks in Canada 66,217 48 

Total liabilities in Canada $ 69,267 48 

INCOME IN CANADA. 

Gross cash received for fire premiums in Canada.. $ 130,384 01 

Deduct reinsurance, rebate, abatement and return-premiums 41,957 86 

Total net cash received for premiums $ 88,426 15 

Total cash income in Canada $ 88,426 15 

EXPENDITURE IN CANADA. 

Amount paid during the year for fire losses occurring in previous years (which 

losses were estimated in the last statement at $8,245 .00) $ 5,751 75 

Amount paid for losses occurring during the year $ 69,383 09 

Deduct amount received for reinsurance 1,848 71 



Net amount paid during the year for the said losses $ 67,534 38 

Total net amount paid during the year for fire losses in Canada $ 73,286 13 

Commission or brokerage 17,820 31 

Salaries, fees and other charges of officials in Canada 1,000 00 

Taxes in Canada 1,619 30 

General expenses — postage, rent, telegrams, advertising, travelling ex- 
penses, &c 5,305 55 

Total cash expenditure in Canada $ 99,031 29 



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FIRE AND INLAND MARINE IN8URANCB COMPANIES. 115 

PHENIX OP BROOKLYN— Continued. 

RISKS AND PREMIUMS. 

Fire Bisks in Canada. Amount. Premiums. 

Gross policies in force at date of last statement $ 12,198,460 $ 123,543 70 

Taken during the year— new and renewed 11,443,640 130,384 01 



Total * 23,642,100 $253,927 71 

Deduct terminated 10,132,621 117,33174 



Gross in force at end of year. $ 13,509,479 $ 136,595 97 

Deduct reinsured '. 911,856 10,960 44 

Net in force, 31st December, 1892 S 12,597 ,623 f 125,63 5 53 

Total number of policies in force in Canada at date No return. 

Total net amount in force $12,597,623 00 

Total premiums thereon 125,635 53 

Subscribed and sworn to, 2nd March, 1893, by 

L. C. CAMP, 
(Received, 4th March, 1893.) Chief Agent. 



General Business Statement fob the Year ending 31st December, 1892. 

(jis returned to the Department of Insurance, State of New York.) 

assets. 

Eeal estate $ 401,000 00 

Loans on bond and mortgage upon which not more than one year's 

interest is due 157,200 00 

Interest accrued on said bond and mortgage loans 2,581 88 

Stocks and bonds— par value $3,111,425 ; market value 3,882,109 75 

Interest due and accrued thereon 10,001 31 

Cash on hand and in banks 468,570 00 

Gross premiums in course of collection 869,490 07 

Other assets — rents due and accrued 3,643 77 

Total assets $5,794,596 78 

liabilities. 

Xet amount of unpaid losses $328,840 06 

Unearned premiums 3,710,914 21 

Due and accrued for rent, &c 350 60 

All other claims 210,747 37 

Total liabilities, except capital stock $4,250,852 24 

Capital stock paid up in cash $1,000,000 00 

Surplus beyond liabilities and capital stock 543,744 54 

\ — 

INCOME. 

Net cash received for premiums $4,242,702 61 

Interest and dividends 105,134 91 

Income from all other sources 287,695 90 

Total cash income $4,635,533 42 

4-8J ' — 



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116 DEPARTMENT OP FINANCE — INSURANCE BRANCH. 

PHENIX OF BROOKLYN— Concluded. 

EXPENDITURE. 

Net amount paid for losses $2,499,840 48 

Dividends to stockholders 100,000 00 

Commission or brokerage 894,720 90 

Salaries, fees, &c 308,173 54 

Taxes 68,053 63 

Miscellaneous 380,144 24 

Total cash expenditure $4,250,932 79 

RISKS AND PREMIUMS. 

Fire risks — written during the year — amount $420,689,514 00 

Premiums thereon 4,925,152 71 

Fire risks — terminated during the year — amount 377,422,016 00 

Premiums thereon 4,418,288 16 

Net amount in force, 31st December, 1892 577,798,018 00 

Premiums thereon 7,308,157 58 

Subscribed and sworn to, by 

GEORGE P. SHELDON, President. 
New York, 14th January, 1893. C. C. LITTLE, Secretary. 



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TIRX AND INLAND MARINE INSURANCE COMPANIES. 117 

PHCENIX FIRE ASSUKANCE COMPANY OP LONDON". 



Statement for the Year ending 31st December, 1892, 
Hon. Director — John J. Broomfield. 



Joint f William C. Macdonald. 
Secretaries — { Francis B. Macdonald. 



Principal Office — 19 Lombard Street, London, E.C. 

Agents in Canada — Paterson & Son. | Head Office in Canada— Montreal. 

(Organized A.D. 1782. Commenced business in Canada, A.D. 1804.) 



capital. 



This company has no nominal capital, the liability of the shareholders being 
unlimited, bat keeps on hand, for the payment of fire losses only, a customary 
balance exceeding £600,000 sterling. 



ASSETS IN CANADA. 

Stocks and bonds in deposit with Receiver-General, viz. : — 

Par value. Market value. 

Canadian Pacific Railway bonds $ 57,500 00 $ 59,800 00 

Canada 4 per cent reduced stock 50,126 67 53,134 27 

Canada 3$ per cent stock 36,500 00 36,500 00 

Canada 4 per cent inscribed stock 48,666 66 51,586 66 

Total par and market values * 192,793 33 $ 201,020 93 

Carried out at market value $ 201,020 93 

Interest accrued and unpaid on stocks, &c 1,543 95 

Total assets in Canada < 202,564 88 

LIABILITIES IN CANADA. 

Xet amount of fire losses claimed but not adjusted (of which $700 accrued in 

previous years) $ 7,857 90 

do do resisted— in suit 2,666 00 

do do do not in suit 1,950 00 



Total net amount of unsettled claims for fire losses in Canada. $ 12,473 90 

Reserve of unearned premiums for all outstanding fire risks in Canada. 167,090 52 

Total liabilities in Canada $ 179.564 42 



INCOME IN CANADA. 

Gross cash received for fire premiums 8 294,961 01 

Leas reinsurance, rebate, abatement and return-premium? 44,675 89 

Net cash received for fire premiums $ 250,285 12 

Add interest on the deposit with Receiver-General, paid direct to the 

head office in London 8,104 23 

Total cash inoome in Canada $ 258,389 35 



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118 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

PHGENIX OF LONDON— Concluded. 

EXPENDITURE IN CANADA. 

Paid during the year for fire losses occurring in previous years (which losses* 

were estimated in last statement at $2,606.30) $ 6,947 49 

Deduct amount received for reinsurance from other companies 1 59 

Net amount paid during the year for said losses $ 6,945 90 

Paid for fire losses occurring during the year $ 132,357 82 

Less amount received for reinsurance. 3,968 43 



Net amount paid during the year for said losses 128,389 39 

Total net amount paid during the year for fire losses $ 135,335 29 

'Commission or brokerage * 59,351 33 

Taxes in Canada 2,911 81 

Miscellaneous payments : — 

Insurance Department. Ottawa. $ 117 59 

British Columbia, sundries. 320 56 

Vancouver, B.C., sundries 113 00 

551 15 



Total cash expenditure in Canada S 198, 149 58 

RISKS AND PREMIUMS. 

Fire Risks in Canada. No. Amount. Premiums. 

Gross policies in force at date of last statement 16,060 $ 26,649,475 $ 307,130 56 

Taken during the year— new 5,731 14,067,113 143,181 89 

do do renewed 5,850 12,229,074 149,322 10 



Total 27,641 $52,945,662 $599,634 55 

Deduct terminated 10,894 21,683,673 240,519 82 

Gross in force at end of year 16,747 $ 31,261,989 * 359,114 73 

Deduct reinsured 2,236,072 24,933 69 



Net in force, 31st December, 1892. 16,747 3 29,025,917 $ 334,181 04 

Total number of policies in force at date 16,747 

Total net amount in torce $29,025,917 00 

Total premiums thereon .\ 334,181 04 



Subscribed and sworn to, 24th March, 1893, by 
(Received, 27th March, 1893.) 



R. MaoD. PATERSON, 

Chief Agent. 



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FIRS AND INLAND MARINE INSURANCE COMPANIES. 119 

PHOENIX INSURANCE COMPANY OF HARTFORD, CONN. 



Statement for the Tear ending 31st December, 1892. 

President— D. W. C. Skilton. | Secretary— Geo. H. Burdicfc. 

Agent in Canada— Gerald E. Hart. 

Principal office — Hartford, Conn. | Head office in Canada — Montreal. 

(Incorporated, 31st May, 1854. Commenced business in Canada, 
20th May, 1890.) 



capital. 



Amount of joint stock capital authorized $5,100,000 00 

Amount subscribed for and paid up in cash 2,000,000 00 



ASSETS IN CANADA. 

Stocks and bonds owned by the company, viz. : — 

Par value. Market value. 

Citv of Guelph bonds $ 24,000 00 $ 27,600 00 

City of Brantford bonds 25,000 00 28,250 00 

City of Victoria bonds. 20,000 00 22,400 00 

Canadian Pacific Railway bonds 44,000 00 49,500 00 

$ 113,000 00 8 127,750 00 
(The above are deposited with the Receiver-General . ) 

Imperial Bank stock 13,300 00 24,239 25 



$ 126,300 00 $ 151,989 25 



Total carried out at market value 9 151,989 25 

Cash at head office in Canada. 15,858 09 

Cash in hands of agents in Canada 56,416 20 

Interest due $ 1,225 00 

do accrued 2,225 00 

Total interest 3,450 00 

All other property in Canada • 7,148 20 

Total assets in Canada $ 234,861 74 



LIABILITIES IN CANADA. 

Net amount of losses in Canada due and yet unpaid S 7,742 60 

Net amount of losses in Canada adjusted but not due. 7,425 00 

do do claimed but not adjusted 7,903 47 



Total amount of unsettled claims for fire losses in Canada $ 23,071 07 

Beserve of unearned premiums for all outstanding fire risks in Canada.. . 146,376 51 

Total liabilities in Canada 8 16 9,4 47 58 

INCOME IN CANADA. 

Gross cash received -for premiums 8 253,175 13 

iJedoct reinsurance, rebate, abatement and return-premiums 41,299 42 

Net cash received for premiums $ 211,875 71 

♦Received for interest on bonds and mortgages in Canada . 5,650 00 

* do and dividends on stocks, &c 1,174 50 

Total income in Canada * 218,700 21 



* Paid direct to home office. 

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120 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

PHCENIX OP HARTFORD— Contikued. 

EXPENDITURE IN CANADA. 

Amount paid during the year for loRses occurring in previous years 

(which losses were estimated in the last statement at $5,768.22) . 8 5,671 47 

Net amount paid during the year for the said losses $ ' 5,671 47 

Amount paid for losses occurring during the year $ 179,771 98 

, Deduct amount received for reinsurance 16,127 23 



Net amount paid during the year for the said losses 163,644 75 

Net amount paid daring the year for fire losses in Canada $ 169,316 22 

Commission or brokerage 41,908 44 

Salaries, fees and all other charges of officials in Canada 10,171 64 

Taxes in Canada • 3,171 00 

Miscellaneous payments, viz.: — Inspection and travelling expenses, 
$5,654.36 ; Canada fire underwriters' association, $945.06 ; post- 
ages and telegrams, $1,670.57 ; stationery, advertising and print- 
ins: of agents 1 supplies, $8,842.79; insurance plans, $1,322.30; 
office furniture, $229.40 ; freight and duty, $948.71 ; rents and mis- 
cellaneous expenses, $3,321.02; loss expenses, $2,785.82; legal 
expenses, $2,537.57 28,257 60 

Total expenditure in Canada $ 252,824 90 

RISKS AND PREMIUMS. 



Fire Jtiiks in Canada. Amount. 



Premiums 
thereon. 

Gro** policies in force at date of last statement $ 11,074,321 $ 144,317 72 

Taken during the year, new and renewed 21,890,771 290,369 24 



Total $32,965,092 $434,686 96 

Deduct terminated 10,013,330 153,049 67 



Gross in force at end of year $ 22,951,762 $ 281,637 29 

Deduct reinsured 2,037,941 13,538 43 

Net in force at 31st December, 1892 $ 20,913,821 $ 268.098 86 



Total number of policies in force in Canada at date No return. 

Total net amount in force $20,913,821 00 

Total premiums thereon 268,098 86 



Subscribed and sworn to, 8th March, 1893, by 
(Received, 9th March, 1893.) 



GERALD E. HART, 

Chief Agent. 



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FIRE AND INLAND MARINE IN8URAN0B COMPANIES. 121 

PHCESIX OF HARTFOED— Concluded. 

General Business Statement for the Year ending 31st December, 1892. 

(As returned to the Superintendent of Insurance, State of Connecticut.) 

ASSETS. 

Market value of real estate, less encumbrances, owned by the company. $ 336,373 80 

Loans on bond and mortgage - 462,046 01 

Interest due and accrued thereon 56,433 84 

Stocks and bonds owned by the company, of par value, $2,903,350.00 ; 

marketvalue 4,032,309 25 

Loans on stocks, bonds and other marketable collaterals, of par value, 

$66,100.00; market value, 899,842.00 61,882 50 

Cash on hand and in banks 348,956 61 

Interest due and accrued on collateral loans and on bank deposits 2,384 64 

Net premiums due and in course of collection, less commissions 468,684 54 

Bents due and accrued 1,250 87 

Total assets 85,820,32 2 06 

LIABILITIES. 

Net amount of unpaid losses 8 467,226 21 

Total unearned premiums 2,112,831 71 

Total liabilities not including capital stock $2,580,057 92 

Capital stock paid up in cash $2,000,000 00 

Surplus beyond capital stock and all other liabilities $1 ,240.264 14 

INCOME DURING THE YEAR. 

Net cash received for premiums $3,366,127 41 

Eeceived for interest and dividends 233,852 33 

Income from other sources 7,040 96 



Total income $ 3,607,020 70 

EXPENDITURE DURING THE TEAR. 

Net amount paid during the year for losses $2,118,956 50 

Dividends paid to stockholders 280,000 00 

Commission or brokerage £40,119 27 

Salaries, fees and all other charges of officials fo0,377 60 

Taxes 59,976 19 

All other payments and expenditures). 331,785 19 

Total expenditure $3,581,214 75 

RISKS AND PREMIUMS. 

Amount of fire and tornado risks written during the year $357,149,748 00 

Premiums thereon 3,804,172 82 

Amounts of fire and tornado risks terminated during the year 359,090,909 00 

Premiums thereon 3,561,536 79 

Net amount in force on Hist December, 1892 346,399,217 00 

Premiums thereon 4,047.9 81 56 

Subscribed and sworn to, by 

D. W. C. SKILTON, President. 
GEO. H. BUliDICK, Secretary. 
Hartford, 7th March, 1893. 



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122 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

QUEBEC FIRE ASSURANCE COMPANY. 



Statement for the Tear ending 31st December, 1892. 

President — Edwin Jones. | Secretary — William W. Welsh. 

Principal Office — Quebec. 

(Organized 2nd April, 1818, and incorporated by Act of L. C, 9 Geo. IV., cap. 58, 
amended by 18 Vic., cap. 212, and by 29-30 Vic, cap. 29, and by 42 Vic, cap. 
69, and by 46 Vic, cap. 83.) 

(Commenced business, 1818.) 

Amount of stock authorized and subscribed for $ 225,000 00 

Amount paid up in cash 99,920 00 

(For List of Shareholders, see Appendix.) 

assets. 

Real estate — A lot of ground in the City of Quebec, situated on the 
westerly side of St. Peter Street, bounded in front by St. Peter 
Street, in the rear by Sault-au-Matelot Street, on one side to the 
south by La Banque Rationale, and on the other Hide to the north 
by the Montreal Telegraph Company, with a cut stono building 
thereon erected, and known as "The Quebec Fire Office " $ 32 000 00 

♦Stocks and bonds held by the Company : — 

Par value. Market value. 

Quebec Steam-ship mortgage bonds $ 2,500 00 $ 2,500 00 

Sarnia bonds 3,924 26 8,924 26 

City of Quebec Corporation debentures 33,000 00 34,380 00 

Dorchester bridge debentures 6,000 00 6,090 00 

New Brunswick debentures 10,000 00 10,800 00 

Province of Quebec debentures 12,500 00 13,760 00 

do registered stock 4,000 00 4,460 00 

Quebec Bank stock 50,000 00 63,250 00 

La Banque Nationide stock. 18,000 00 16,020 00 

• Total par and market values $ 139, 924 26 8 155,184 26 

Carried out at market value 155,184 26 

Cash on hand at head office 484 82 

Cash in banks, viz. : — 

La Banque Nationale, Quebec $ 235 43 

do dividend account 902 00 

Quebec Bank, Montreal 124 70 

do Toronto 410 66 

do special deposit 20,500 00 

Bank ofXova Scotia, St. John, N.B 30 11 

Union Bank of Canada, Winnipeg 18 78 

do Toronto 53 75 

Total ' 22,275 43 

Interest accrued and unpaid on stocks ,.. 2,197 91 

Agents' balances 23,610 92 

Bills receivable 529 67 

Interest accrued on special deposit 510 76 

Balances due for losses reinsured 2,943 89 

Total assets > 239,737 66 

*Of these there are deposited with the Receiver-General : — 

City of Quebec debentures $ 33,000 00 

New Brunswick do 10,000 00 

Province of Quebec do 12,500 00 

do regintered 5 per cent stock 4,000 00 

Total 8 59,50000 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 123 

QUEBEC— Continued. 

LIABILITIES. 

(1) Liabilities in Canada. 

Claims for fire losses adjusted but not due $ 7,162 00 

do resisted — in suit 871 00 



Net amount of unsettled claims for fire losses. 8 8,033 00 

Total reserve of unearned premiums for fire losses 61,170 32 

Dividends declared and due but unpaid 902 00 

Total liabilities in Canada, except capital stock $ 70,105 32 

(2) Liabilities in other Countries. 

Net amount of fire losses, adjusted but not due $ 2,085 00 

do claimed but not adjusted 2,700 00 

Total net amount of fire losses unsettled 8 4,785 00 

Total reserve of unearned premiums for fire risks in other countries 24,795 42 

Total liabilities in other countries 8 29,580 42 

Total amount of liabilities in all countries, except capital stock 8 99.685 74 

Capitol stock paid up in cash 8 99,920 00 

Surplus beyond all liabilities and capital stock paid up 8 40,131 92 

INCOME. 

In Canada. &*£, 

(irons premiums received in cash $ 143,747 62 $ 51,393 99 

(Jroiw cash received on bills or notes taken for premiums 109 54 

Uroas cash received for premiums $143,857 16 $ 51,393 99 

Deduct reinsurance, rebate, abatement and return-premiums. 32,279 21 6,601 41 

Net cash received for premiums $ 111,577 9 5 $ 44,79 2 58 

Net cash received for premiums in all countries 8 156,370 53 

Received for interest on bondn and mortgages 3,717 06 

Received for interest and dividends on stocks, &c...« 6,501 16 

Received for rent 1,610 00 



Total cash income 8 168,198 75 

EXPENDITURE. 

• In Canada. c^trSL 

Amount paid during the year for losses occurring in previous 
years (which losses were estimated in the last statement at 
112,094.69) S 4,337 90 $ 9,054 65 

Amount paid for losses occurring during the year $ 82,426 72 $ 29,685 16 

Induct amount received for reinsurance 4,790 74 

Net amount paid for said losses $ 77,635 98 $ 29,685 16 

Total 3 81 , 973 88 8 38,739 81 

Total net amount paid during the year for fire losses 8 120,713 69 

Amount of dividends paid during the year at 10 per cent 9,862 00 

Commission or brokerage 33,379 21 



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124 



DEPARTMENT OF FINANCE — INSURANCE BRANCH. 



QUEBEC— Concluded. 

Salaries, fees, &c $ 7,680 00 

Taxes 2,49H 07 

Miscellaneous payments, viz. : — 

Petty expenses at agencies, rent, stationery, postage, telegraphing, 
&c, $2,059.89; plans, $220.00; printing policies, 8277.05; 
fuel and light, $236.90; repairs, $282.54; miscellaneous petty 
expenses at head office, $2,376.27. Total, $5,452.65. Less 
profit on reinsurance commission earned at head office, 
$1,656.43 3,796 22 



Total cash expenditure $ 177,927 19 



CASH ACCOUNT. 

1891. Dr. 1892. Cr. 

Dec. 31. Balance in hand and in banks Dec 31. Expenditure during the year 

at this date 8 81,325 42 (as above) $ 177,927 19 

1892. Bills receivable 529 67 

Dec. 31. Income as above 168,198 75 Balance in hand and in banks 

• From realization of investments 1,692 94 this date 22,760 25 



8 201,217 11 



3 201,217 11 



RISKS AND PREMIUMS. 





In Canada. 


In other Countries. 


Total 
in all Countries. 




Amount. 


Premiums. 


Amount. 


Premiums 


Amount. 


Premiums. 


Fire Risks. 

Gross iwlicies in force at date of last 
statement 


10,372,937 
5,427,890 
5,122,324 


$ cts. 

139,201 37 
70,014 37 
68,558 30 


1,971,981 
4,349,985 


$ cts. 
28,832 02 


12.344.918 


$ cts. 

168,033 39 

130.257 96 

68,558 30 


Taken during the year — new 

do do renewed. . . 


60,243 59! 9,777,875 
j 5,122,324 


Total 

Deduct terminated 


20,923,151 
10,046,901 


277,774 04 
133,043 94 


6,321,966 
2,798,893 


89,075 61 27,245,117 

38.910 m 19 ft4fi_794 


366,849 65 
171,254 80 






Groes in force at end of year 

Deduct reinsured 


10,876,250 
1,718,978 


144,730 10 
24,922 72 


3,523,073! 50,864 75 
141,498, 2,136 02 


14,399,323 
1,860,476 


195,594 85 
27,058 74 






Net in force, 31st December, 1892. . 


9,157,272 


119,807 38 


3,381,575 48,728 73 


12,538,847 


168,536 11 



Total number of policies in force at date No return. 

Total net amount in force $ 12,538,847 00 

Total premiums thereon 168,536 11 

^ Subscribed and sworn to, 18th March, 1893, by 

EDWIN JONES, 

President. 



(Eeceivod, 1st April, 1893.) 



WM. W. WELCH, 

Secretary. 



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PIKE AND INLAND MARINE INSURANCE COMPANIES. 125 

*THE QUEEN INSURANCE COMPANY OF AMEKICA. 



Statement for the Year ending 31st December, 1892. 

President — J. A. Macdonald. | Secretary— G. W. Bitrohbll. 

Principal Office — 49 Cedar Street, New York. 

Resident Manager in Canada — I Mead Office in Canada — v 

H. J. Mudqe. I 1759 Notre Dame St., Montreal. 

(Incorporated — 11th September, 1891. Commenced business in Canada, 
2nd November, 1891.) 



CAPITAL. 



Amount of joint 'Stock capital authorized, subscribed for and paid up 

in cash $ 500,000 00 



ASSETS IN CANADA. 

Stocks and bonds owned by the company, viz. : — 

Par value. Market value. 

United States 4 per cent bonds $ 100,000 00 $ 113,250 00 

City of Halifax 5 per cent stock 60,000 00 66,000 00 

New Zealand 4 per cent bonds 48,667 00 ■ 48,667 00 

Province of Quebec 6 per cent bonds 24,333 00 24,333 00 

Province of Manitoba 5 per cent bonds 29,200 00 29,200 00 

Total par and market values $ 262,200 00 $ 281,450 00 

Carried oat at market value $ 281,450 00 

Cash at head office in Canada 1,418 39 

Cash in banks, viz. : — 

Molsons Bank, Montreal S 4,694 94 

Bank of British North America, Halifax 2,595 13 

Total 7,290 07 

Agents' balances in Canada 21,838 79 

Sundry (approximate) 6,444 45 

Total assets in Canada < 318,441 70 

LIABILITIES IN CANADA. 

Fire losses in Canada : — 

Net amount of losses due and yet unpaid (accrued in 1891) $ 157 50 

do adjusted but not due 300 00 

do claimed but not adjusted 8,055 00 

do reported or supposed but not claimed 4,751 00 

do resisted— in suit ($1,400 accrued in 1891) 4,576 00 

Total net amount of unsettled claims for fire losses in Canada 8 17,839 50 

Reserve of unearned premiums for all outstanding fire risks in Canada. 172,683 39 

Dae Queen Life Branch of Royal 11,486 66 

Doe resident manager 2,200 15 

Sundry 400 00 

Total liabilities in Canada $ 204,609 70 



-1 

*The Queen Insurance Company of America reinsured the business of the Queen of Liverpool from 1st 
January, 1892, and all liabilities and outstanding amounts which appeared in the statement of the latter 
company for 1891 are carried into the present statement and accounted for. 



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126 DEPARTMENT OF FINANCE — IN8URANCE BRANCH. 

QUEEN INSURANCE COMPANY OF AMERICA— Continued. 

INCOME IN CANADA. 

Gross cash received for premium*., 8 305,419 90 

Deduct reinsurance, &c 34,339 12 



Net cash received for fire premiums $ 271,080 78 

Interest and dividends on stocks, &c ; 1,664 55 

Rents 1,253 50 

Total cash income in Canada S 273,998 83 

EXPENDITURE IN CANADA. 

Amount paid during the year for losses occurring in previous years (which 

losses were estimated in the last statement at $7,546.97) $ 6,410 14 

Amount paid for losses occurring during the year $ 196,292 54 

Less amount received for reinsurance 11,552 45 

Net amount paid during the year for said losses 184,740 09 



Total net amount paid during the year for fire losses in Canada $ 191,150 23 

Commission or brokerage in Canada 40,951 37 

Salaries, fees and all other charges of officials in Canada 18,534 15 

Taxes in Canada 3,407 25 

Miscellaneous payments, viz.: — Postage and telegrams, $1,470.32; 
exchange charges, 8358.17; general expenses, $4,613.71 ; printing 
aiid stationery, $2,270.47; advertising, $1,551.72; inspection, 
$986.05; underwriters 1 association, $569.27; agency expenses, 
Nova Scotia, $3,574.95 ; agency expenses, New Brunswick, $957.93 ; 
agency expenses, British Columbia, $294.84; rent, $1,650.00; 
sundries, $291.13 18,588 56 



Total cash expenditure in Canada $ 272,631 56 

RISKS AND PREMIUMS. / 

Fire Risks and Premiums. 

Amount. Reinsurance. 

Gross policies in force at date of last statement $ 3,599,197 $ 46,204 04 

Policies reinsured from Queen Insurance Co. of Liverpool 25,498,602 307,722 30 



Total policies in force at beginning of year $ 29,097,799 $ 353,976 43 

Policies taken during the year— new 23,313,946 283,354 05 

do do —renewed 1,712,667 22,065 85 



.Total $ 54,124,412 $ 659,396 33 

Deduct terminated 24,019,495 301,201 81 

Gross in force at end of year $ 30,104,917 $ 358,194 52 

Deduct reinsured 1,541,854 16,427 97 

Net in force at 31st December, 1892 $ 28,563,063 g 341,7 66 55 

Total number of policies in force in Canada at date No return. 

Total net amount in force $28,563,063 00 

Total premiums thereon 341,766 55 

Subscribed and sworn to, 28th February, 1893, by 

H. J. MUDGE, 
(Received, 1st March, 1893.) Resident Manager. 

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FIRE AND INLAND MARINE INSURANCE COMPANIES. 127 

QUEEN INSUEANCE COMPANY OF AMERICA— Concluded. 

General Business Statement for the Tear ending 31st December, 1892. 

(As returned to the Superintendent of Insurance, State of New York.) 

ASSETS. 

Stocks and bonds owned by tho company of par value 82.487,600.00 ; 

market value ' 82,914,573 50 

Cash in hand and in banks 209,911 78 

Interest due and accrued 40,439 13 

Agents' balances and Dremiums payable direct to home office 3«»9,570 80 

Bills receivable *. 3,H90 37 

All other property belonging to the company 730 07 

Total assets 83,538,9 15 65 

LIABILITIES. 

Net amount of unpaid losses $ 241,023 84 

Total unearned premiums 1,647,943 78 

Sundry 128,315 07 

Total liabilities not including capital stock $2,017,282 69 

Capital stock paid up in cash 8 500,000 00 

Surplus beyond liabilities, including capital stock 81,021,632 96 

INCOME. 

Net cash received for premiums $2,046,154 96 

Premiums for reinsurance of Canadian business of the Queen Insurance 

Company, Liverpool 144,298 01 

Interest and dividends 111,927 42 



Total income 8 2,302,3 80 39 

EXPENDITURE. 

Net amount paid during the year for losses 81,337,277 55 

Commission or brokerage 341,409 57 

Salaries, fees and all other charges of officials 148,500 46 

Taxes 22,852 36 

All other payments and expenditures 172,493 14 

Total expenditure 82,022,533 08 

RISKS AND PREMIUMS. 

Fire risks written or renewed during the year 8 228,982,468 00 

Premiums thereon 2,651,559 91 

Ket amount in force at 31st Deccfmber, 1892 276,271,273 00 

Premiums thereon 3,189,781 52 

Subscribed and sworn to, by 

JAS. A. MACDONALD, President. 
New York, 25th April, 1893. G. W. BUECHELL, Secretary. 



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128 DEPARTMENT OF FINANCE— INSURANCE BRANCH. 

THE EOTAL CANADIAN INSURANCE COMPANY. 



Statement for the Year ending 31st December, 1892. 
President— Duncan McIntyre. | Secretary — Harry Cutt. 

Principal Office — 157 St. James St., Montreal. 
(Incorporated, 23rd May, 1873. Commenced business in Canada, 13th August, 1873.) 

capital. 

Amount of joint stock capital authorized and subscribed for % 500,000 00 

Amount paid up in cash 

{For list of Shareholders, see Appendix.) 

assets. 
Stocks and bonds held by the company, viz. : — 

Paii VfkiUA ±^k AJ*lffit* V2L1UA 

*City of Montreal consolidated fund $ 57,500 00 $ 57,500 00 

Total par and market values 8 57,500 00 8 57,500 00 

Carried out at market value $ 57,500 00 

Cash on hand at head office 4,043 50 

Agents' balances 2,574 62 

Total assets $ 64,118 12 

LIABILITIES. 

(1.) Liabilities in Canada. 
Net amount of losses resisted : — 

In suit. Ocean 8 5,000 00 

Not in suit, Ocean 99 16 

Net amount of unsettled claims for losses in Canada (accrued in pre- 
vious years) $ 5099 16 

Overdraft on Bank of Montreal 12,362 21 

Total liabilities in Canada $ 17,461 37 

(2.) Liabilities in other countries. 
Net amount of fire losses resisted — in suit 9 6,000 00 

Total liabilities in other countries $ 6,000 00 

Total liabilities in all countries $ 23,461 37 

Capital stock paid up 

Surplus beyond all liabilities and paid-up capital stock $ 40,656 75 

♦Deposited with the Receiver-General. 

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FIRE AND INLAND MARINE INSUBANCE COMPANIES. 129 

ROYAL CANADIAN— Continued. 

INCOME. 

For Fire Ri.k». In Canada. &*£, 

Gross cash received for premiums $ 36,406 67 $ 77158 

Deduct reinsurance, rebate, abatement and return-premiums.. 31,794 17 



Net cash received for fire premiums S 4,612 60 $ 77158 



For Inland Marine Risks. In Canada. 

Gross cash received for premiums $ 95 21 

Deduct reinsurance, &c 37 47 



Net cash received for inland marine premiums < 3 57 74 

For Ocean Risks. 

Gross premiums received in cash $ 10,891 52 

Gross cash received on bills and notes taken for premiums 7,642 18 

Gross cash received for premiums $ 18,533 70 

Deduct reinsurance, &c , 868 98 



Net cash received for ocean premiums $ 17,664 72 

Total net cash actually received for premiums in all countries $ 23,106 54 

Received for interest and dividends on stocks 7,004 19 

Inland marine losses recovered 33 33 



Total cash income $ 30,14* 06 

EXPENDITURE. 

For Fire Risks. In Canada. <£££. 

Paid during the year for losses occurring in previous years (which 

losses were estimated- in the last statement at 816,549) S 8,306 38 $10,000 00 

Paid for losses occurring during the year 30,956 96 

Total net amount paid during the year for fire losses $ 8,306 38 $40,956 96 



Total net amount paid during the year for fire losses $ 49,263 34 

Net amount paid during the year for ocean losses 13,871 45 

($9,670.85 of this amount is foi* losses incurred in previous years.) 

Amount of dividends paid during the year at 7 per cent 28,001 40 

Commission or brokerage 1,959 87 

Taxes 539 32 

Keinsuring Canadian tire business 80,000 00 

Reinsuring American fire business 18,508 68 

All other payments and expenditures 3,708 17 

Total cash expenditure $ 195,852 23 

CASH ACCOUNT. 

1891. Dr. 1892. Cr. 

Dec. 31. To Balance in hand and in banks Dec 31. By Expenditure during the 

at this date $138,568 32 year, as above $195,852 23 

1892. Capital returned to stock- 
Dec. 31. Income as above 30,144 06 holders 400,000 00 

Received from realization of Balance in hand and in 
investments 418,821 14 bank at this date 4,043 50 



Borrowed during the year . . 12,362 21 



$599,895J3_ 8 599,895 73 

4_ 9 — - 

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130 



DEPARTMENT OP FINANCE — INSURANCE BRANCH. 

BOYAL CANADIAN— Concluded. 
RISKS AND PREMIUMS. 



In Canada. 



In other Countries. Total in all Countries. 



Amount. [ Premiums. 



Amount. I Premiums. 



Fire Risks. $ I $ cts. 

Policies in force (net) at 
date of last statement . . I 20,932,414 231,279 43 

Deduct terminated and re- 
insured | 20,932,414 231,279 43 

Net in force at 31st Dec., 

1892 



8,546,366 
8,546,366 



$ cts. 

87,734 82 
87,734 82 



Amount. , Premiums. 



$ cts. 



I 



29,478,780 319,014 25 
29,478,780 j 319,014 25 



Total number of policies in force at date No roturn. 

Total net amount in force Nil. 

Total premiums thereon ....Nil. 

Subscribed and sworn to, 7th April, 1893, by 

J. B. THIBAUDEAU, 

Vice-President. 



£ABBY CUTT, 

Secretary. 



(Beceived, 8th April, 1893.) 



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FIBB AND INLAND MARINE INSURANCE OOMPANIES. 131 

THE ROYAL INSURANCE COMPANY. 



Statement for the Year ending 31st December, 1892. 
Chairman — M. H. Maxwell. | Manager — John H. McLaren. 

Principal Office — Liverpool, England. 

Head Office in Canada — Montreal. | Chief Agent in Canada — T^m. Tatlet. 

(Established, 31st May, 1845. Commenced business in Canada, 1851.) 

Joint stock capital authorized, £3,000,000 sterling $ 14,600,000 00 

Capital stock subscribed for, £2,444,680 sterling 11,897,442 67 

Amount paid up in cash, £366,702 sterling 1,784,616 40 



A6SJSTS IN CANADA. 

Real estate : — 

Building, situate on corner of Notre Dame Street and Place d'Armes, 

Montreal, occupied by the company and tenants as offices 

Four-story building, situate on corner of Yonge and Wellington Streets, 

Toronto, occupied by the company and tenants as offices 

_Total real estate S 245,000 00 

Stocks held by the company : — 

Par value. Market value. 

•Canada 4's $ 125,000 00\ - 1ft0 OAK -, 

•Canada 4»s M, 533 34/ 8 W8 » 24B M 

•Consols ■ 511,000 00 511,000 00 

8 689,533 34 $ 700,245 54 

Carried out at market value 700,245 54 

Loans on security of the company's policies (life department) in 

Canada 19,808 07 

Cash on hand at bead office in Canada 6,164 14 

Cash in banks, viz. : — 

Merchants Bank $ 685 57 

MolsonsBank 1,937 79 



Total 2,623 36 

Cash in hands of agents in Canada 37,207 99 

Bents accrued 1,435 65 

Office furniture and fixtures throughout Montreal and Toronto build- 
ings; also, furniture at Quebec, Hamilton and other agencies, 

including supplies, block plans, &c 7,000 00 

Total assets in Canada $1,019,484 75 



•Deposited with Receiver-General on account of fire and life. 
4-9* 



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132 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

BOYAL— Continued. 

LIABILITIES IN CANADA. 

Net amount of 6re losses claimed but not adjusted ....-...$ 9,366 00 

do reported or supposed, but not claimed 9,500 00 

do resisted— in suit 19,980 00 

Total net amount of unsettled claims for fire losses in Canada $ 38,796 00 

Beserve of unearned premiums on all outstanding fire risks 442,033 29 

Total liabilities under fire branch in Canada $ 480,829 29 

Liability under life branch in Canada 330,037 49 

Liabilities under Queen Life policies in Canada 96,634 00 

Total liabilities in Canada . $ 907,500 78 

t " ~ ~ 

INCOME IN CANADA (FIRE BRANCH). 

Gross cash received for fire premiums $ 625,735 28 

Deduct reinsurance, &c 68,848 28 



Net cash received for fire premiums $ 567,387 00 

Interest on life loans, &c > 1,201 73 

Other income, viz. : — 

Interest on deposit with Receiver-General (of which $16,195.83 was paid 
direct to head office, Liverpool) — 

Canada 4s $ 8,741 33 

Consols 14,052 50 

$ 22,793 83 
Net rents received 3,561 30 



Total 26,355 13 

Total cash income in Canada $ 594.943 86 

EXPENDITURE IN CANADA (FIRE BRANCH). 

Amount paid during the year for fire losses occurring in previous years 

(estimated in last statement at $24,662) $ .24,688 80 

Deduct savings and salvage .* 

Net amount paid during the year for the said losses 8 24,688 80 

Paid for losses occurring during the year $ ,347,518 32 

Less savings and salvage 10,591 03 

Net amount paid for said losses 336,927 29 

Total net amount paid during the year for fire losses in Canada $ 361,616 09 

Paid fbr commission or brokerage 86,424 34 

Paid for salaries, fees and all other charges of officials in Canada ' 27,874 36 

Taxes in Canada 4,094 26 

Miscellaneous payments, viz. : — Printing, stationery and book-binding, 
$5,035.63 ; office furniture, $660.82 ; travelling expenses, $1,376.25 ; 
plans, $1,321.64; advertising, $1,163.53; postage, express and tele- 
grams, $4,080.50; lighting, $543.43; calendars, $733.50; rent, 
$6,733.50; board expenses, $1,391.08; agents' license fees, $340.00; 
other miscellaneous expenses, $3,242.48 ; miscellaneous expenses, 
Nova Scotia, $612.44; miscellaneous expenses, New Brunswick, 
$792.43; miscellaneous expenses, British Columbia, $1,166.10. 

Total v 29,193 33 

Total cash expenditure in Canada $ 509,202 38 

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FIRE AND INLAND MARINE INSURANCE COMPANIES. 133 

ROYAL— Continued. 

RI8K8 AND PREMIUMS. 

For Fire Risks in Canada. Amount. Premiums. 

Gross policies in force at date of last statement $ 79,552,95i) $ 836,111 41 

Taken during the year— new 28,777,632 314,638 14 

do do renewed 28,015,228 311,09714 



Total * 136,345,819 §1,461,846 69 

Deduct terminated 53,725,880 579,886 75 

Gross in force at end of year $ 82,619,939 $ 881,959 94 

Deduct reinsured 977,184 13,599 83 



Net in force, 31st December, 1892 $ 81,642,755 $ 868,360 11 



Total number of polioies in force in Canada at date No return. 

Total net amount in force $81,642,755 00 

Total premiums thereon 868,360 11 

Subscribed and sworn to, 9th March, 1893, by 

WM. TATLBY, 

Chief Agent. 
(Beceived, 10th March, 1893). 



General Business State vient for the Year ending 31st December, 1891. 
{Abstracted from the Directors' Report, Liverpool, Eng. ,21th June, 1892.) 

FIRE DEPARTMENT. 

The fire premiums for the period, after deduction of reinsurances, amounted to 
£1,607,030 5s. 8d., and the net losses to £990,215 12s. 5d. Deducting agents' com- 
mission and all management expenses, the net profit on the fire business amounts to 
£80,402 Is. Id., and the interest on fire fund and current balances to £30,913 0s. 3d. 

FIRE ACCOUNT. 

1891. £ s. d. 1891. £ ' 8. d. 

Amount of fire inaur- Losses by fire after deduction of re- 

ance fund at the be- assuiances 990,215 12 5 

ginning of the year. £600, 000 Commiasion 247,622 10 7 

Amount of conflagra- Expenses of management 288,790 1 7 

tion fund 200,000 Profit realized, transferred to profit 

800,000 and loss account 111,315 1 4 

Amount carried from "Queen" Amount of tire innur- 

funda 100,000 ance fund £700,000 

Premiums received after deduction Amo»int of conflagra- 

of reassurance* 1,607,030 5 8 tion fund 200,000 

Interest 30,913 3 

At the end of the year, as per bal- 
ance sheet 900,000 



£ 2,537,943 5 11 £2,537,94 3 5 11 

PROFIT AND LOS8 ACCOUNT. 

1891. £ s. d. 1891. £ s. d. 
Balance of last year's account 460,825 5 4 Dividends and bonuses to share- 
Amount carried from "Queen" holders 168,901 5 

funds 106,029 15 3 Income tax 3,055 1 6 

Interest and dividends not carried Balance, as per balance sheet 596,126 3 10 

to other accounts . . £ 90,565 14 1 
Less interest to super- 
annuation fund ... . 794 17 2 



89,760 16 11 

Transfer fees 151 11 6 

Profit realized on the fire account. . 111,315 1 4 



£ 768,082 104 £ 768,082 10 4 



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134 



DEPARTMENT OF FINANCR-r-INSURANCB BRANCH. 

BOYAL— Continued. 
Balance Sheet on the 31st December, 1891. 



LIABILITIES. 

Shareholders' capital 

Reserve fund 

Life assurance fund 

Annuity fund 

Fire fund £700,000 

Conflagration fund. . . 200,000 

Reserve for expiring treaties of the 
"Queen" 

Perpetual insurance account 

Superannuation fund 

Profit and loss (subject to sharehold- 
ers' dividend) 



£ s. 

366,702 
1,582,393 11 
4,319,363 8 

227,213 6 



900,000 

76,426 15 3 

27,181 15 1 

40,041 6 5 

596,126 3 10 



ASSETS. 

Mortgages on freehold and leasehold 

property within the United 

Kingdom, viz. :— 

City property, Eng.£ 674,949 4 1 

do do Scot. 200,694 17 7 

Landed do Eng. 560,100 

do do Scot. 20,000 



Claims under life policies, admitted 



£8,135,448 7 6 



but not paid £ 54,481 18 

Annuities not claimed 216 5 

Outstanding fire losses 140,110 12 

Unclaimed dividends. 3,281 11 
Outstanding accounts, 

since paicf. 69,754 2 

Bills payable, since 

paid 83,141 19 



350,986 9 



Mortgages on freehold property out 

of the United Kingdom. 

Loans on reversions, and life interests 
Loans on the company's life policies 

within their surrender value 

Investments : — 

In British Government securities. . 
Colonial Government and other 

colonial securities 

Foreign Government securities. 
United States Government se- 
curities 

United States railways, 1st 
mortgage bonds, and other 

United States securities 

Railway debenture stocks, viz. : — 
England... .£230,573 18 9 

Scotland 27,432 5 1 

Wales 7,686 18 

Foreign 53,807 5 4 

Railway guaranteed and prefer- 
ence stocks, viz. : — 
England .... £ 1,728,429 4 10 
Scotland .... 120,931 3 
Wales 7,922 5 1 



1,455,744 1 8 

146,266 7 6 

19,746 15 4 

269,280 5 5 

236,193 18 

241,349 1 

19,972 10 8 

330,123 8 4 

941,650 7 7 



319,500 7 2 



Railway ordinary stocks, Eng- 
land 

Gas and dock companies' bonds, 
England and Scotland 

Freehold ground rents, England 

Freehold buildings, viz. : — 

England £354,276 2 

Scotland 29,756 3 6 

Ireland 7,000 

United States. 328,170 2 10 

Canada 29,917 11 7 

Melbourne.... 8,116 13 4 



1,857,282 10 ' 2 

71,732 11 8 

446,099 18 8 
25,745 1 2 



Leasehold buildings, viz. : — 

England £135,027 6 

Ireland 1,309 



Loans : — 
On the company's life policies, com- 
bined with personal security 

To various towns and townships on 
security of the rates, viz. : — 

England £ 347,697 3 11 

Wales 877 13 4 



On English and Scottish railway 
and other securities, with mar-, 

gins 

Agents' balances, since received 

Outstanding premiums, sinue received 

Outstanding interest, since received . 

Cash in hand and on current account 

with bankers 



£8,486,434 16 6 



757,236 11 5 

136,336 6 6 
1,000 0^0 

348,574 17 * 3 

t, MlfeV 

II ~'" ""• 

216,196 11 6 

165,316 12 7 

30,784 9 9 

84,922 4 7 

r -1 

365,079 18 7 

£8,486,434 16 6 



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FIRE AND INLAND MABINB IN8URAN0C COMPANIES. 



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136 DEPARTMENT OF FINANCE — INSURANCE, BRANCH. 

THE SCOTTISH UNION AND NATIONAL INSURANCE COMPANY. 



Statement for the Year ending 31st December, 1892. 
President*— Alexander Duncan. | Secretary — J. K. Macdonald. 

Principal Office — Edinburgh, Scotland. 
Agent in Canada — Walter Kavanagh. | Read Office in Canada — Montreal. 

(Organized, A.D. 1824. Incorporated, 26th June, 1833. Commenced business 

in Canada, February, 1882.) 

CAPITAL. 

Amount of capital authorized .$30,000,000 00 

Amount subscribed for 21,757,000 00 

Amount paid up in cash , 1,500,000 00 



A88ETS IN CANADA. 

Loans secured by bonds and mortgages, on which not more than one 

year's interest is due, constituting a first lien on real estate $ 375,000 00 

Bonds and debentures in deposit with Receiver-General :— 

Par value. Market value. 

Canadian inscritx** 4 per cent stock 9 100,000 00 $ 110,000 00 

County of Middlesex debentures 2,000 00 2,142 60 

City of Toronto bonds 1,500 00 1,500 00 

Total par and market values $ 103,500 00 8 113,642 60 

Carried out at market value 113,642 60 

Cash in hands of agents in Canada 6,049 65 

* Total assets in Canada $ 494,692 25 

LIABILITIES IN CANADA. 

Net amouut of losses in Canada adjusted but not due 8 2,208 03 

do do claimed but not adjusted 17,187 00 

do do resisted— not in suit 845 92 



Total net amount of unsettled claims for fire losses in Canada $ 20,240 95 

Eeservo of unearned premiums for all outstanding risks in Canada 75,545 04 

Total liabilities in Canada $ 9*5,785 99 



* Besides these, there are other Canadian investments, held at Hartford, the U.S., branch of the coin- 

oany, as follows : — 

Province of Quebec Government bonds $ 47,500 00 8 49,635 00 

Town of Cobourg bonds 11,500 00 11,810 00 

City of Quebec do 50,000 00 51,869 88 

do Montreal debenture stock 125,000 00 100,000 00 

County of Middlesex bonds 142,500 00 151,782 40 

do Hastings do 20,000 00 22,475 00 

Town of Dundas do 35,000 00 35,623 75 

Village of Parkdale do 14,500 00 16,102 50 

Ctiy of St. Thomas do 5,000. 00 5,287 50 

Ontario railway subsidy bonds 157,589 85 157,589 85 

Canada Permanent Loan Company's debentures 25,000 00 25.000 00 

Farmers' Loan and Savings Company's do 50,000 00 50,000 00 

Huron and Erie Loan Company's do 75,000 00 75,000 00 

London and Canadian Loan Company's do 75,000 00 75,000 00 

Freehold Loan and Savings Company's do 50,000 00 50,000 00 

Union Loan and Savings Company's do 25,000 00 25,000 00 

Ontario Loan and Debenture Company's do 25,000 00 25,000 00 

Land Security Company's do 50,000 00 50,000 00 

Western and Canada Loan and Savings Co.'s debentures 50,000 00 50,000 00 

Canadian and American Mortgage and Trust Co.'s do ... 25,000 00 25,000 00 

Trust and Loan Company of Canada do . . 50,000 00 50,000 00 

Central Canada Loan and Savings Company's do ... 25, (KM) 00 25,000 00 



$1,133,599 85 81,126,675 88 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 137 

SCOTTISH UNION AND NATIONAL— Continued. 

INCOME IN CANADA. 

Gross cash received for premiums 8 160,009 29 

Deduct reinsurance, rebate, abatement and return-premiums 22,192 21 

Net cash received for premiums $ 137,817 08 

Received for interest and dividends 30,080 75 



Total income in Canada $ 167,897 83 

EXPENDITURE IN CANADA. 

Amount paid during the year for losses occurring in previous years (which 

losses were estimated in last statement at #14,034.07) 8 14,634 07 

Deduct savings and salvage 2,184 37 

Net amount naid for said losses $ 12,449 70 

Amount paia for losses occurring during the year $ 86,540 52 

Deduct amount received for reinsurance 4,951 80 



Net amount paid for said losses 81,588 72 

Net amount paid daring the year for losses $ 94,038 42 

Commission or brokerage and salaries, fees and all other charges of 

officials in Canada '. 27,597 19 

Taxes in Canada 1,912 09 

General and agency expenses 1,551 59 

Total expenditure in Canada $ 125, 099 29 

RISKS AND PREMIUMS. 

Fire Bisks in Canada, No. Amount. Premiums. 

Gross policies in force at date of last statement 15,781 $ 15,831,219 8 142,086 04 

Taken during the year— new and renewed . , . . 16,239 16,016,770 160,009 29 



Total 32,020 8 31,847,989 $302,095 33 

Deduct terminated 15,434 15,383,9(51 151.724 79 

Gross in force at end of year 16,586 $ 16,464,028 $ 150,370 54 

Deduct reinsured 418,374 4,40110 

Net in force at 31st December, 1892 16,58 6 .^J^Wo^ 3 145,9 69 44 

Total number of policies in force in Canada at date 16,586 

Total net amount in force $16,045,654 00 

Total premiums thereon 145,96 9 44 

Subscribed and sworn to, 7th March, 1893, by 



WALTER KAVANAGH, 

Chief Agent. 



(Received, 8th March, 1893.) 



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138 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

SCOTTISH UNION AND NATIONAL— Continued. 

' General Business Statement for the Year ending 31st December, 1892. 

(As returned to the Insurance Commissioner, State of Connecticut.) 

assets. 

Beal estate unencumbered owned by the company $ 945,233 04 

Loans on bond and mortgage ." 8,613,683 96 

Interest due and accrued thereon 68,060 42 

Stocks, bonds and debentures owned by the company of par value, 

$6,061,662; market value : 6,503,679 40 

Loans on collateral security 3,198,878 94 

Cash in banks 483,621 04 

Interest due and accrued 53,053 75 

Gross premiums in course of collection v 731,210 91 

All other property belonging to the company ^ 35,490 04 

Total assets .»....» 20,637,911 50 



liabilities. 

Net amount of unpaid losses $ 245,757 33 

Keserve of unearned premiums 1,123,482 47 

Net premium reserve and all other liabilities under life department. 16,617,322 13 

Cash dividends to stockholders remaining unpaid 12,188 52 

Due and sccruod for salaries, rent and miscellaneous expenses 31,505 08 

Commission and brokerage 33,045 00 

Total liabilities $ 18,063,300 53 

Joint stock capital paid up * 1,500,000 00 

Surplus beyond capital and other liabilities 1,074,610 97 



INCOME DURING THE YEAR. 

Net cash received for premiums $ 1,859,505 79 

Received for interest 742,970 31 

Income from all other sources 1,516,631 00 

Total income * 4,119,107 10 



EXPENDITURE DURING THE YEAR. 

Amount paid for losses (including $139,454.52 occurring in previous 

years) $ 1,067,463 79 

Dividends to stockholders 262,500 00 

Commission or brokerage 283,963 29 

Salaries, fees and other charges of official 251,684 63 

Taxes 31,104 52 

All other payments and expenditures 1.754,162 50 

Total expenditure S 3,650,878 73 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 139 

SCOTTISH UNION AND NATIONAL— Concluded. 

RISKS AND PREMIUMS. 

Amount of policies written or renewed during the year $740,966,997 00 

Premiums thereon 3,080,290 19 

Net amount in force at end of year 537,734,072 00 

Premiums thereon 2,182,999 12 

Subscribed and sworn to, 8th April, 1893, by 

A. DUNCAN, 
* President. 

J. K. MACDONALD, 

Secretary. 



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140 DEPARTMENT OF FINANCE— INSURANCE BRANCH. 

THE SUN INSUKANCE OFFICE, LONDON, ENGLAND. 



Statement for the Seven Months ending 31st December, 1892. 
Chairman— Fred'k Henry Norman. | Secretary— R. H. Mannering. 

Principal Office — London, Eng. 



Manager in Canada — 

H. M. Blackburn. 



Head Office in Canada — 

15 Wellington St., East, Toronto. 



Organized, 7th April, 1710. Commenced business in Canada, 3rd June, 1892. 



capital. 



Amount of capital authorized and subscribed for $11,680,080 00 

Amount paid up in cash 584,004 00 



ASSETS IN CANADA. 

Stocks in deposit with the Keceiver-General, viz. : — 

Par value. Market value. 

Canada 4 per cent reduced stock 8 24,333 33 8 20,280 00 

Canada 3£ per cent stock 24,333 33 25,306 t>6 

British local loans, 3 per cent stock 243,333 34 . 254,283 34 



Total par and market values .8 21)2 ,000 00 $ 305, 870 00 

Carried out at market value 8 305,870 00 

Cash at head office in Canada 76 75 

Cash in Dominion Bank 5,058 78 

Cash in hands of agents in Canada SJ,674 10 

Sundry, viz. : — 

Plans $ 4,141 75 

Office furniture and fixtures 838 51 

4,980 26 



Total assets in Canada $_325,659J*9 

LIABILITIES IN CANADA. 
Net amount of losses adjusted but not due 8 2,036 61 



Total net amount of unsettled claims for tire losses in Canada $ 2,036 61 

Beserve of unearned premiums for all outstanding risks in Canada 33,942 04 

Due and accrued for salaries, rent, advertising, agency and other 

miscellaneous expenses in Canada 176 04 

Total amount of all liabilities in Canada $ 36,154 69 

INCOME IN CANADA. 

Gross cash received for premiums $ 45,566 20 

Deduct reinsurance, rebate, abatement and return-premiums 8,435 58 

Net cash received for said premiums $ 37,130 62 

Endorsement fees 13 42 

Interestfrom bank 84 50 



Total income in Canada $ 37, 228 54 

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FIRE AND INLAND MARINE INSURANCE COMPANIES. 141 

SUN 1NSUKANCE OFFICE— Continued. 

EXPENDITURE IN CANADA. 

Amount paid for losses occurring during the year $ 7,728 57 

Deduct saving and sal vagi*... $ 1156 

Deduct amount received for reinsurance 45 

12 01 

Net amount paid during the year for said losses. $ 7,716 56 

Commission or brokerage 7,490 47 

Salaries, fees and all other charges of officials in Canada 6,464 30 

Taxes in Canada 600 00 

Miscellaneous payments, viz. : — Postage, $837.31 ; advertising, $532.31; 
stationery and printing, $1,729.28; plans, $4,141.75; Ontario 
license, $112 ; office signs, $424.53 ; furniture and fittings, $838. 51 ; 
telephone, $73.75; travelling expenses, $287.26; board of under- 
writers, $50; solicitors costs, $135; underwriters' protective 
association, $50; Dun, Wiman & Co., $55 ; rent, $350; miscellan- 
eous, $:*21.65 9,938 35 

Total expenditure in Canada $ 32,209 68 

RISKS AND PREMIUMS. 



Fire Risks in Canada. No. Amount. 



Premiums 
thereon. 



Policies token during the year— new 2,855 $ 4,469,778 $ 55,240 30 

Deduct terminated 224 334,557 4,332 06 



Gross in force at end of year 2,681 $ 4,135,221 $ 50,908 24 

Deduct reinsured 325,590 5,680 2fc 



Net in force at 31st December, 1892 2,631 8 3,809,631 $ 45,227 95 

Total number of policies in force in Canada at date 2,631 

Total net amount tn force $3,809,631 00 

Total premiums thereon 45,227 95 

Subscribed and sworn to, 16th February, 1893, by 

H. M. BLACKBUKN, 

Chief Agent. 
(deceived, 17th February, 1893.) 



General Business Statement for the Year ending 31st December, 1891. 
(Abstracted from the Directors' Report, London, Eng., 13th June, 18!>2.) 

The premiums received, less reinsurances, amount to £957,332 4s. 2d., being an 
increase of £85,653 2s. Od. over those of the preceding year. 

The total of the sums insured during the year, aftor deduction of the amounts 
reinsured, amount to £373,716.110, being an increase of £12,238,490 over the corres- 
ponding figures for the year 1890. 

The losses paid and outstanding amount to £564,076 18s. Id., being at the rate 
of 58*9 per cent on the premiums received. 

The expenses of management (including commission to agents and working 
charges of all kinds) amount to £297,923 8s. 9d., being at the rate of 3M per cent. 

The income from investments during the year has amounted to £69,250 14s. 5d., 
and after providing for the usual reserve of 40 per cent of the premiums to cover 
liabilities under current policies, a profit of £130,321 6s. lid. has been realized, 
which has been transferred to the credit of the profit and loss account. 



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142 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

SUN INSUEANCB OFFICE— Continued. 

PROFIT AND LOSS ACCOUNT AND DIVIDEND. 

£ 8. d. 
The balance brought forward from last year amounted to 205,165 7 

£ s. d. 

Carried to general reserve 25,000 

Paid for dividends and bonus in respect of the business of the year 1890. .105,600 

130,600 



Leaving a credit balance of. £ 74,565 7 

which by the operations of the year has been, as detailed in the account, increased 
to £194,194 18s. 4d. 

Out of this amount an interim dividend at the rate of £5 on each old 6hare in 
the Sun Fire Office, absorbing £24,000, was paid in January last, and the directors 
have declared a further dividend of the equivalent amount, viz., two shillings on 
each new share, together with a bonus of four shillings and sixpence on each new 
share, payable on the 11th July, which will absorb a further sum of £78,000, and 
leave £92,194 18s. 4d. to be carried forward. 

CAPITAL. 

In accordance with the provisions of the company's Act of Parliament, which 
came into effect on the 1st January, 1892, the sum of £120,000 is transferred to 
capital account as on that date, being 10s. per share paid up on each of the 240,000 
new shares of £10 each. This amount has been taken from the dividend reserve, 
leaving a balance on that account of £10,000. 

FUNDS. 

The funds of the office will then stand as follows : — 

£ s. d. 

Capital paid up 120,000 

General reserve 1,125.000 

Eeserve for risks not yet expired 382,932 17 8 

Dividend reserve 10,000 

Investment surplus and sinkingfund 71,281 4 4 

Balance at credit of profit and loss account, after payment of 

dividends and bonus 92,194 18 4 

£1,801,409 4 



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FIRE AND INLAND HABINX IN8DRAN0E COMPANIES. 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 145 

THE UNION SOCIETY. 



Statement for the Year ending 31st December, 1892. 

Chairman -Stephen Soamss. | Secretary — Charles Darrell . 

Principal Office — London, England. 

Agent in Canada — T. L. Morrisey. | Head Office in Canada — Montreal 

(Established, 16th February, 1714; commenced business in Canada, November, 1890.) 



capital. 



Amount of joint stock capital authorized and subscribed for..£450,000 $ 2,190,000 
Amount paid up in cash 180,000 876,000 



ASSETS IN CANADA. 

Stocks and bonds, viz. : — 

Far value. 
Consolidated 2f per cent stock £ 22,000 

Carried out at market value $ 100,000 00 

Cash at head office in Canada 238 06 

Cash in banks on current account (Bank of Toronto, Montreal) 2,289 93 

Cash in hands of agentn in Canada 6,605 55 

Office furniture and plane 3,295 85 

Total assets in Canada $ 112,429 39 

LIABILITIES IN CANADA. 

Net amount of fire losses claimed but not adjusted $ 3,760 00 

Net amount of fire losses reported or supposed but not claimed 3,350 00 

Net amount of losses resisted, in suit 5,666 00 

Total amount of unsettled claims, for fire losses in Canada $ 12,776 00 

Reserve of unearned premiums upon all unexpired fire risks 60,658 82 

Total liabilities in Canada , $ 73,434 82 

INCOME IN CANADA. 

Gross cash received for premiums $ 127,632 54 

Deduct reinsurance, rebate, abatement and return-premiums 23,234 83 

Net cash received for premiums $ 104,397 71 

* Interest and dividends on stocks 2,944 33 

Sundry 12 97 

Total income in Canada 8 107,355 01 

•Paid direct to head office in England. 

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146 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE UNION SOCIETY— Continued. 

EXPENDITURE IN CANADA. 

Amount paid during the year for losses occurring in previous years (which 

losses were estimated in the last statement at 85,545.50) $ 4,705 87 

Amount paid for losses occurring during the year $ 42,862 73 

Deduct savings and salvage $ 307 30 

do reinsurance 33 91 

341 21 



Net amount paid during the year for the said losses 8 42,521 52 

Total net amount paid during tho year for fire losses in Canada ....$ 47,226 89 

Commission or brokerage in Canada 17,438 57 

Salaries, fees and all other charges of officials in Canada 5,283 32 

Taxes in Canada 2,284 05 

Miscellaneous payments, viz. : — 

Postage and telegrams, $678.17 ; exchange, $119.13 ; rent, $748.34 ; 

travelling, $547.63; advertising, $702.50 ; stationery, $289.53 ; 

express, $50.66 ; subscriptions to mercantile agencies, $112.50; 

tariff association, $513.62; plans, $811.54; legal expenses, 

$10.00; sundries, $328.18 4,911 80 



Total expenditure in Canada $ 77,144 63 



RISKS AND PREMIUMS. 
Fire Bisks in Canada. No. Amount. 



Premiums 
thereon. 



Policies in force at date of last statement 3,051 $ 5,337,382 § 79,169 12 

Taken during the year— new 3,630 6,990,514 93,636 74 

do renewed 1,169 2,214,601 33,610 71 



Total 7,850 $ 14,542,497 $206,416 57 

Deduct terminated 3,140 6,368,069 82,497 28 



Gross in force at end of year 4,710 $ 8,174,428 $123,919 29 

Deduct reinsured 720,291 10,748 50 



Net in force at 31st December, 1892 _4J10 S 7,45 4,137 8 113,170 79 

Total number of policies in force at date 4,710 

Total net amount $7,454,137 00 

Total premiums thereon 113,170 79 



Subscribed and sworn to, 14th March, 1893, by 



T. L. MOERISEY, 

Chief Agent. 



(Received, 15th March, 1893.) 



General Business Statement foe the Year ending 31 st December, 1892. 
(Abstracted from the Directors' Report, London, Eng., 2Sth April, 1893.) 

The annual income of the society was increased during the year by the sura of 
£48,552 16a. lid., bringing it to a total of £592,452 16s. 3d. 

The accumulated funds, which amounted at the end of the preceding year to 
£2,373,418, were increased by £63,812, making the total on tho 31st December, 1892, 



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FIBS AND INLAND MARINE INSURANCE COMPANIES. 

THE UNION" SOCIETY— Continued. 



147 



£2,437,230. In the above increase is included the sum of £31,162 10s. 2d., being 
the amount of the profit made on the sale of stock or on the quinquennial revaluation 
of the life assurance fund. 

The details of the increases in the annual income and in the funds are given in 
the statutory accounts which accompany this report. 

FIRE DEPARTMENT. 

The shareholders will be aware that the past year has been almost universally 
an unfavourable one for fire insurance offices, and the directors regret that the Union 
Assurance Society has experienced on its home business an exceptionally large 
number of claims, which, however, have happened for the most part under risks 
which would be taken without hesitation by all the leading societies. 

The fire premiums received during the year amounted to the sum of £262,522 
12s. 7d., being nearly four times as large as the corresponding item five years ago. 
[t will readily be understood that such a considerable development has necessitated 
a reorganization, as well of the head office as of the various branches, which, of 
course, has been attended with considerable expense. These expenses will not, 
however, recur. 

The fire losses during the year amounted to the sum of £176,809 16s., in which 
is included a full estimate of all outstanding claims. Tho proportion, of the fire 
claims to the premiums received was 67 per cent. The directors see no reason for 
doubting that the heavy losses which have characterized the business of fire insur- 
ance during the past j'ear were due to exceptional causes, and they confidently 
anticipate a profitable result in the future from the development of the business of 
the society above reported. 

The expenses of management, including the reorganization charges, amounted to 
£43,512 18s. 2d., and the commission and other expenses were £49,164 3s. lid., 
which, added to the sum paid for claims, mattes a total of £269,486 18s. Id., being 
£6,964 5s. 6d., in excess of the amount of premiums received. 



Amount of funds at the beginning of 
the year, viz. : — 

Fire reserve fund £275,539 

Foreign fire reserve fund. . . 48,000 
Mortgage reserve fund 10,000 

Premiums after deduction of reassur- 
ances 

Balance carried to profit and loss ac- 
count 



FIRE ACCOUNT. 

£ s. d. £ s. d. 
Losses by fire, after deduction of re- 
assurances 176,809 16 

Expenses of management 43,512 18 2 

Commission 47,071 12 5 

Contributions to fire brigades 1,245 18 4 

333,539 Bad debts written off 846 13 2 

Amount of funds at the end of the 
262,522 12 7 year, viz. ;— 

Fire reserve fund . . £275,539 

6,964 5 6 Foreign fire reserve fund . . 48,000 

Mortgage reserve fund 10,000 

333,539 

£603,025 18 1 £603,025 18 1 



PBOFIT AND LOSS ACCOUNT. 



s. d. 



Balance from last year 33,378 3 

Interest and dividends 35,791 18 

Profit realized on investments 9,720 9 

Amount transferred from outstanding 
dividends 1,171 6 



s. d. 



7 Dividends to shareholders 40,500 



4— 10J 



Balance 29,886 13 



£ 80,061 16 9 



Income tax on interest and dividends. 716 6 
2 Expenses incurred in obtaining Act of 
Parliament and new rules and regu- 
lations 878 19 1 

Expenses of management not carried 

to other accounts 1,115 12 6 

Balance from fire account 6,964 5 



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148 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE UNION SOCIETY— Concluded. 
« Balance Sheet at 31st December, 1892. 

GENERAL RESERVES — FIRE AND LIFE. 
LIABILITIES. £ s. d. ASSETS. £ 8. d. 

Subscribed capital. . .£4.50,000 Mortgages on property within the 

Of which is paid up.. 180,000 United Kingdom 428,296 

Life reserve fund 350,000 Mortgages on property out of the 

Fire do ... 275,539 United Kingdom 19,850 

Foreign fire reserve Investments — 

fund 48,000 British Government securities .. . 20,900 

Mortgage reserve Indian do ... 24,808 8 7 

fund 10,000 United States Government and 

Profit and loss .... 29,88G 13 state securities 78,029 

United States municipal bonds . . 62,834 

893,425 13 Bank stock 25,600 

Outst'nding fire losses 38,185 4 8 Railway and other debentures and 

do charges 4,298 8 bonds and debenture stock. 34,706 5 2 

do dividends 21,136 17 6 Railway and other stock* and 

Reinsurance prem- shares, preference and ordinary 26,795 

iums due to other Loans on railway and other secu* 

companies 7,220 17 9 rities 35,100 

964,266 13 7 Loans on rates 6,946 13 4 

Total liabilities, life department .. . 1,566,436 15 7 do shares of the society. .. . 2,020 

Shares of the society 11,100 

House property 96,893 6 7 

Branch offices and agents' balances. 43,674 18 11 

Outstanding premiums 7,269 9 1 

Reinsurance premiums due from 

other companies 13,903 18 5 

Outstanding interest, due and ac- 
crued 10,166 7 2 

Cash on deposit £ 600 

do in hand and on cur- 
rent account 14,772 6 4 

15,372 6 4 

Total assets, life department 1,566,436 15 7 

£2,530,703 9 2 £2,530,703 9 2 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 149 

THE UNITED FIEE INSTJKANCE COMPANY (LIMITED). 



Statement for the Year ending 31st December, 1892. 

Chairman of Directors — Col. T. W. Brooke. | Manager— J . N. Lane. 

Principal Office — Manchester, England. 

Agent in Canada — T. H. Hudson. Head Office in Canada — 

185 St. James St., Montreal. 

(Incorporated, 8th August, 1877; Licenso issued in Canada, 30th Dec, 1890.) 



CAPITAL. 



Amount of joint stock capital subscribed for £ 250,000 

Amount paid up in cash 100,000 

ASSETS IN CANADA. 

Stocks and bonds in deposit with the Receiver-General, viz. : — 

Par value. Market value. 

Province of Quebec debentures $ 85,653 33 $ 90,792 52 

Province of Manitoba debentures 9,246 67 10,078 85 

City of Belleville debentures.. 7,000 00 7,164 50 

Canada 4 per cent stock 102,200 00 108,332 00 

Total par and market value .$ 204,100 00 S_216w367_ 87 

Carried out at market value $ 216,367 87 

Cash at head office in Canada 36 21 

Cash in Molsons Bank 5,764 71 

Cash in the hands of agents in Canada 19,427 38 

Insurance plans 1,500 00 

Office furniture 500 00 

Sundry 355 15 

Total assets in Canada. $ 243,951 32 

Amount deducted on account of City of London bad or doubtful agents' 

balances . 951 50 



Total net assets $242,999 82 

LIABILITIES IN CANADA. 

Net amount of losses in Canada, claimed but not adjusted $ 28,920 73 

Net amount of losses in Canada, resisted in suit (84,000 of which, City of 

London, accrued in previous years) 6,666 66 

Total net amount of unsettled claims for fire losses in Canada $ 35,587 39 

Beserve of unearned premiums for all unexpired fire risks in Canada. 137,904 12 
Sundry 2,324 13 

Total liabilities in Canada $ 175,815 6 4 

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150 DEPARTMENT OP FINANCE — INSURANCE BRANCH. 

TJNITEDFIRE— Continued. 

INCOME IN CANADA. 

Gross cash received for premiums 8 202,18101 

Deduct amount received for reinsurance, &c 29,136 65 

*Net cash received for premiums $ 173,044 36 

Received for interest in Canada 320 33 

^Received for interest and dividends on stocks, &c 6,338 81 

Sundry v 60 60 

Total income in Canada $ • 179,764 10 

EXPENDITURE IN CANADA. 

Amount paid during the year for losses occurring in previous years (which 
losses were estimated in the last statement at, United Fire, $8,797.10 ; 
City of London, $2,100) $ 9,100 05 

Paid for losses occurring during the year $ 146,959 98 

Deduct amount jxaid for reinsurance 2,390 01 

Net amount paid during the year for said losses $ 144,569 97 

Net amount paid during the year for fire losses (including City of Lon- 
don losses paid after 30th June, 1892.) $ 153,670 02 

Commission or brokerage in Canada 33,024 60 

Salaries, fees and all other charges of officials in Canada 8,044 47 

Taxes in Canada 2,020 96 

Miscellaneous payments, viz. : — 

Postage, telegraph and exchange, 81,231.99; printing, stationery 

and adveriising,$2,127.70; Underwriters' Association, $173. 16; 

rent, $666.63; insurance department, $95.40; plans, $336.86 ; 

office expenses, Winnipeg, $1,249.98; travelling expenses, 

$1,281.17; sundries, $1,822.24 8,985 13 

Total expenditure in Canada $ 205,745 18 

BISKS AND PREMIUMS. 

Fire Risks in Canada : — 

\™^.,«* Premiums 

Amount. the reon. 

Policies in force at date of last statement $ 10,487,246 $ 117,0(51 80 

Taken during the year, new 15,087,792 198,090 04 

Taken over from the City of London Insurance Co 13,341,903 198,122 71 

Total $38,910,941 $513,874 55 

Deduct terminated 18,046,755 224,458 37 



Gross in force at end of year $ 20,870,186 $ 289.416 18 

Deduct reinsured 764,962 13,700 19 



Net in force at 31et December, 1892 $ 20,105,224 $ 275,715 



Total number of policies in force in Canada at date No return. 

Total net amount in force at date $20,105,224 00 

Total premiums thereon 275,71 5 99 

Subscribed and sworn to, 7th March, 1893 by 

T. 11. HUDSON, 

Chief Agent. 
(Received, 8th March, 1893.) 

* Not including the amount received for reinsuring the business of the City of London Insurance Com- 
]>any, with the exception of $17,729.71 collected on outstanding agents' balances. 
£ Interest paid ctirect to head office, Manchester, England. 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 151 

UNITED FIRE— Continued. 
General Business Statement for the Year ending 31st December, 1892. 



(Abstracted from the Directors 1 Report. Manchester, England, \2th April, 1893.) 

The net premiums received daring the year amounted to £409,211, being 
£51,784 more than in 1891. 

The losses by tire were £266,690, being an increase of £18,934 on the preceding 
year, the ratio being 65^. 

The ratio of commission and working expenses was 32^. 

The balance at the credit of profit and loss is £25,162 9s. lid., inoluding 

£18,651 14s. 6d M the surplus on the year, and the directors recommend a dividend 

ai the rate of 10 per cent per annum for the six months ending 31st December last. 

' An interim dividend at the rate of 5 per cent per annum was paid in October 

last, for the first half of the year. 

The board hope that, consequent upon the unfavourable results of fire insurance 
business generally during the past two years, and in view of increased liability, the 
shareholders will concur in the proposed small reduction in the usual rate of divi- 
dend. 

Subject to the approval of the meeting, warrants in payment of the dividend, 
free of income tax, will be issued, payable on the 15th proximo. 

The total funds of the company, exclusive of capital, will then amount to 
£167,662 9s. lid., from which the directors propose to write off one-third, say 
£2,310 of the cost of * businesses purchased, leaving £165,352 i>s. lid. to be carried 
forward. 

During the year the company has adopted the Forged Transfers Acts of 1891 
and 1892, and will not make any charge to transferees. 

During the past year the business of the company in the United States of 
America and in certain other countries, has been merged into that of the Palatine 
Insurance Company, Limited, with the necessary alterations in the accounts between 
the two offices; and the board are strongly of opinion that the complete fusion of 
the companies would be most advantageous for both, and they hope in the course 
of this year to submit a scheme whereby such an arrangement may be consum- 
mated. 

REVENUE ACCOUNT. 

£ 8. d. £ 8. d. 

To borne and foreign premiums, after By fire losses, home and foreign, paid 
deducting reinsurances 409,211 14 and outstanding, less amounts re- 
Interest on investments 8,374 8 9 covered from reinsurance corn- 
Profit on realization of investments 486 12 6 panies and salvages. . . 266,690 13 3 

Commission to companies and 
. apents, including commission con- 
tingent on profits 104,231 7 8 

Working expenses— head office and 
United States branches, direc- 
tors' remuneration, and all other 

expenses 26,778 11 1 

Foreign State taxes., £1,141 7 1 
Income tax 404 3 6 



1,545 10 



Loss on exchange 174 18 2 

Balance to profit and loss account. 18,651 14 6 

£418,072 15 3 £418,072 153 



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152 



DEPARTMENT OF FINANCE — IN8URANCE BRANCH. 

UNITED FIfiE— Concluded. 



PROFTT AND LOSS ACCOUNT. 



1892. Dec. 31. 

To balance from last year's account. 
Balance from revenue account. . 



£ b. d. £ s. d. 

1892. Dec. 31. 
6,510 15 5 By dividend paid in Octo- 

18,651 14 6 ber, 1892. 2,500 

Amount provided for 
dividend, at the rate 
of 10 per cent per 
annum for the half 
year ending 31st 
December, 1892. . 5,000 



8. d. 



£ 25,162 9 11 



7,500 



Balance 17,662 




9 11 



£ 25,162 9 11 



1892. 
Dec. 31. To balance 



RESERVE FUND ACCOUNT. 

£ 8. d. 
. . 150,000 



£150,000 



Balance Sheet, 31st December, 1892. 



To shareholders' capital— 12,500 shares 
of £20 each, of which £8 per 

share has been paid up 100,000 

Outstanding liabilities — 
Dividend account. . .£ 5,000 
Reserve for losses in 
course of adjust- 
ment, but included 
in revenue account. 93,243 1 3 
Commission due to 
companies and 
agents, but included 
in revenue account. 29,612 



s. d. £ s. d. 

By investments — 

Railway and other 
debentures, deben- 
ture stocks and in- 
terest accrued.. . . 61,677 19 9 
Colonial and foreign 
government and 
municipal securi- 
ties 93,755 5 3 



s. d. 



127,855 

Reserve fund account 150,000 

Balance of profit and loss account. 17,062 



9 11 



£395,517 11 



155,433 5 



Cash- 
On deposit with trust and other 
companies, and current account 
with banks 73,046 10 

Branch and agency balances 13 17 

Lease of American premises, office 
furniture, and fittings at head 
office and branches, including 
stock of maps in New York . . . 4,000 

Balance of accounts with sundry 
insurance companies 116,373 5 

Cost of businesses purchased 6,931 

Amount due from the Palatine In- 
surance Company, Limited (in- 
vested in the United States, and 
bearing interest ..... 39,719 17 9 



10 



£395,517 11 2 



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FIRE AND INLAND MARINE IN8URAN0E COMPANIES. 153 

THE WESTERN ASSURANCE COMPANY. 



Statement for the Year ending 31st December, 1892. 
President — A. M. Smith. Managing Director — J. J. Kenny. Secretary — C. C. Foster. 

Principal Office — Toronto. 
(Incorporated 31st Aug., 1851. Commenced business in Canada, August, 1851.) 



CAPITAL. 



Amount of joint stock capital authorized \ $2,000,000 00 

Amount subscribed for 1,200,000 00 

Amount paid up in cash 600,000 00 

(For List of Shareholders, see Appendix.} 



ASSETS. 



Aldboro' debentures 


Oshawa 


do 


Oxford 


do 


Shelburne 


do 


Arthur 


do 


Tilsonburg 


do 


York 


do 



Real estate— Company's building, 4 story, stone, and lot 30 by 100, 

corner of Scott and Wellington Streets, Toronto $ 65,000 00 

Loans secured by bonds and mortgages on which not more than one 

year's interest is due, constituting a first lien on real estate 15,434 88 

Amounts due the company for which judgments have been obtained.. . 3,649 59 

Interest due and unpaid on said loans $ 861 27 

Interest accrued and unpaid on said loans. 148 00 

Total interest carried out 1,009 27 

Stocks and bonds held by the company: — 

Par value. Market value. 

Dominion of Canada stock £ 251,350 00 $ 2(52,660 75 

Canadian Bank of Commerce stock 40, OCX) 00 58,000 00 

**" """ 807 91 940 49 

7,000 00 7,000 00 

8,500 00 8,749 27 

2,800 00 3,092 64 

3,000 00 3,699 00 

3,000 00 3,540 90 

5,900 00 6,420 69 

do Owen Sound 5,200 00 6,043 96 

Village of Uxbridge 50000 53300 

United States registered bonds 241,000 00 273,535 00 

Georgia State bonds 25,000 00 26,625 00 

Ohio State bonds 100,000 00 101,000 00 

City of Richmond 40,000 00 41,200 00 

Board of Trade debentures 2,500 00 2,500 00 

Collingwood do 1,600 00 1,600 00 

Freehold Loan and Savings Company stock 10,200 00 14,006 00 

do do debentures 37,500 00 37.500 00 

Canada Landed and National Investment Co. stock 12,100 00 12,100 00 

Central Canada Loan and Savings Co. stock 20,000 00 24,000 00 

Toronto Savings and Loan Co. stock 22,500 00 25,000 00 

Canada Permanent Loan and Savings Co. stock 10,710 00 20,699 20 

Dominion Savings and Loan Co. stock 15,000 00 15,000 00 

Imperial Loan and Investment Society Stock 25,830 00 33,062 40 

British America Assurance Co 12,010 00 14,510 00 

City of London 40,000 00 40,000 00 

City of Montreal 10,000 00 10,000 00 

City of Toronto 60,000 00 60,000 00 

City of Portland, Oregon 20,000 00 22,000 00 

Total par and market values $ 1,034 ,097 91 §1,135,018 30 

Carried out at market value 1,135,018 30 

Ca«honhand at head office 5,550 95 



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154 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

WESTERN— Continued. 
Cash in banks, viz.: — 

Canadian Bank of Commerce, Toronto $ 9,498 6(5 

Ontario Bank, Toronto 1,934 00 

Alex. Laird and Wm. Gray, agents Canadian Bank of Commerce, New 

York 8,034 87 

Alex. Laird and Wm. Gray, trustee account 222,500 00 

Corn Exchange National Bank, Chicago 254 17 

Bankof Montreal, St. John, N.B 5,342 98 

do Halifax, N.S 5,105 77 

Merchants Bank of Halifax, Halifax .... 2,894 22 

Bank of Commerce, Buffalo 523 43 

Special cash deposit, Oregon 50,000 00 

Total $ 306,088 10 

Interest accrued and unpaid on stocks, &c 7,711 23 

Agents' balances 306,023 40 

Bills receivable 77,110 41 

Sundry, viz. : — 

Office furniture, maps, &c . $ 51,234 66 

Due from other companies for reinsurances on losses already paid 38,061 22 

Ontario Industrial Loan and Investment Company— Special deposit 10,000 00 

99,295 88 



Gross assets ! $2,021,892 01 

Amount which should be deducted from the above assets on account of 
bad or doubtful debts and securities, viz. : — 

Amounts due the company for which judgments have been obtained $ 1,622 20 

Agents' balances 7,222 51 

Total deductions 8,844 71 

*Total net assets $2,013,047 30 



LIABILITIES. 

(1.) Liabilities in Canada. 
Net amount of losses, unsettled, but not resisted : — 

Fire $ 16,777 00 

Inland marine 50 00 

Ocean. 13,235 00 



Total net amount of unsettled claims in Canada ,..$ 30,062 00 

* Amounts deposited with the Governments of various states and countries, viz, : — 

Amount of deposit. 

Dominion of Canada, municipal debentures $ 32,100 00 

do loan companies' debentures 25,600 00 

Virginia, City of Richmond, 4 per cent bonds 40,000 00 

-Ohio, 3 per cent state bonds 100,000 00 

Oregon, cash 50,000 00 

California 4 per cent registered U.S. bonds 100,000 00 

New York— Dominion of Canada stock 60,000 00 

do U.S. 4 per cent registered bonds 141,000 00 

Georgia 4£ per cent state bonds 25,000 00 

Trustees of company, New York city — Canadian, stocks and bonds. . 269,500 00 

do do Dominion of Canada stock. . 191,350 00 

do do American municipal bonds. . 20,000 00 

do do cash 222,500 00 

§1,277,050 00 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 155 

WESTERN— Continued. 
Reserve of unearned premiums for outstanding risks in Canada: — 

Fire ...8 226,725 46 

Inland marine.. Nil. 

Ocean 19,099 59 



Total reserve of unearned premiums for risks in Canada 245,825 04 

Dividends declared and due and remaining unpaid 931 53 

Bills payable 82,500 00 

Total liabilities (excluding capital stock) in Canada $ 359,318 57 

( 2.) Liabilities in other Countries. 
Net amount of losseb unsettled but not resisted : 

Fire * 160,147 15 ' 

Inland marine 11,979 42 

Ocean 6,370 00 



Total $ 178,496 57 

Net amount of fire losses resisted, in suit 5,000 00 

Total net amount of unsettled claims in other countries $ 183,496 57 

Reserve of unearned premiums : 

Fire. $768,809 81 

Inland marine 31,803 01 

Ocean marine 28,14100 

Total reserve 828,753 82 



Total liabilities in other countries $1,012,250 39 



Total liabilities (excludiug capital stock) in all countries $1,371,568 96 

Capital stock paid up $ 600,000 00 

Surplus beyond all liabilities and capital stock $j 4 1,478 34 

INCOME. 

For Fire Bisks. In Canada. ^^ 

Gross cash received for premiums $ 441,488 30 $ 1,608,005 81 

Deduct reinsurance, rebate, abatement and return-premiums.. 118,147 77 310,559 39 

Net cash received for fire premiums $ 323,340 53 $ 1,297,446 42 

For Inland Marine Bisks. 

Grow cash received for premiums § 24,116 14 $334,450 28 

Deduct reinsurance, Ac 16,918 00 47,200 99 

Xet cash received for inland marine premiums 9 7,198 14 $_ 2 87,24 9 29 

For Ocean Bisks. 

Gross premiums received in cash $ 121,812 76 3 126,831 10 

Gross cash received on bills or notes taken for premiums 16,293 39 30,307 69 

Gross cash received for premiums 8 138,106 15 $ 157,138 79 

Deduct reinsurance, &c 43,276 87 27,377 26 

Net cash received for ocean premiums .$ 94 ,829 28 $ 129,761 53 

Total net cash received for premiums 8 425,367 95 $ 1,714,457 24 

(Bills or notes received during the year for premiums and 
remaining unpaid, $77,110.41.) 



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156 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

WESTERN— Continued. 

Total net cash received for premiums in all countries $2,139,825 19 

Received for interest and dividends 44,200 30 

Premiums on new stock 25,965 10 

Total .' $2,209,990 59 

Received for increased capital 100,000 00 

Total cash income $2,309,990 59 



EXPENDITURE. 

For Fire Losses. In Canada. ^£ 

Paid during the year for losses occurring in previous years 

(which losses were estimated in last statement at $09,792.62)$ 16,630 65 $ 76,012 36 



Paid for losses occurring during the year. $ 268,145 37 $ 648,444 28 

Less received for. savings and salvage and reinsurance 58,336 20 13,907 15 

Net amount paid for said losses $ 209,809 17 $ 634,537 13 

Total net amount paid during the year for fire losses $ 226,439 82 $ 710,549 49 

For Inland Marine Losses. 

Paid during the year for losses occurring in previous years 

(which losses were estimated in last statement at .$12,527.93)$ 2,701 55 $ 12,706 62 

Paid for losses occurring during the year $ 18,935 87 $ 278,603 39 

Less savings and salvage and reinsurance. . , 10,990 08 75,735 05 

Net amount paid for said losses $ 7,945 79 $ 202.868 34 

Total net amount paid during the year for inland marine * 

losses ". S 10,647 34 $ 815,576 96 

Total net amount paid during the year for fire and inland marine losses, viz. :— 

In Canada $237,087 16 

In other countries 926,126 45 



Total $1,163,213 61 

Net amount paid during the year for ocean losses 130,758 58 

(Of this amount, $7,443.55 was incurred in previous years). 

Paid for dividends on capital stock 51,680 33 

Commission or brokerage 414,834 43 

Salaries, fees and all other charges of officials 111,640 10 

Taxes 38,892 24 

Miscellaneous payments, viz. : — 

Printing and advertising, (16,184.84; postage and telegrams and 
express, $17,909.86 ; law expenses, $5,840.63; president's and 
directors' fees, $4,300 ; books, stationery, supplies, &c, 
$6,088.95; local boards in U.S., $13,051.31; supervision of 
business and adjustment of losses in U.S., $65,082.44 ; sundry 
head office and other expenses, including gas, fuel, water, 
repairs, &c, $10,206.14; sundries, $3,208.91 141,873 08 

Total cash expenditure $2,052,892 37 



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FIRE AND INLAND MARINE INSURANCE COMPANIES. 

WESTERN— Continued. 



157 



CASH ACCOUNT. 

1891. Dr. 

Dec. 31. To balance in hand and in banks as at this date $ 279,064 05 

1892. / 
Dec. 31. To income as above 2,309,990 59 

Borrowed during the year 82.500 #0 



$2,671,554 64 



1892. Cr. 

Dec. 31. By expenditure during year as above $2,052,892 37 

Investments 212,023 22 

Borrowed money returned 85,000 00 

Balance in hand and in banks at this date 321,639 05 



$2,671,554 64 



RISKS AND PREMIUMS. 



Fire Risks. 

Gross policies in force at date 
of last statement 

Taken during the year (new 
and renewed) 



Total 

Deduct terminated . 



(iross in force at end of year, 
Deduct reinsured 



Xet in force 31st Dec, 1892.. 

Inland Marine Risks. 

Grow policies in force at date 

of last statement 

Taken during the year. . . . 



Total 

Deduct terminated 

'Jross in force at date- 
Deduct reinsured 



In Canada. 



In other Countries. 



Amount. 



45,986,749 
34,842,807 



80,829,556 
32,231,011 



48,598,545 
6,217,840 



42,380,705 



Premiums. 



Amount. Premiums. 



$ cts. 

547,916 17 88,522,334 
453,502 70 1 122,662,169 



1,001,418 87 
474,394 05 



$ cts. 

1,142,200 83 
1,658,810 72 



527,024 82 
82,874 76 



211,184,503, 2,801,011 55 
98,010,254 1,295,550 63 



113,174.249. 1,505,460 92 
3,748,066 40,867 78 



444,150 06 109,426,183, 1,464,593 14 



5,137,203 



3,959,179; 62,472 03 
24,116 14i 62,472,427 349,110 80 



Total in all Countries. 



Amount. 



134,509,083 

157,504,976 

292,014,059 
130,241,265 



161,772,794 
9,965,906 



151,806,888 



Premiums. 



$ Ct8. 

1,690,117 00 

2,112,313 42 

3,802,430 42 
1,769,944 68 



2,032,485 74 
123,742 54 



1,908,743 20 



3,959,179 62,472 03 
67,609,630| 373,226 94 



5,137,203 
5,137,203 



Net in force 31st Dec., 1892. 

Ocean Risks. 

Gross {jolicies in force at date 

of last statement 

Taken during the year. . . 

Total 

Deduct terminated 



24,116 14; 66,431,6061 411.582 83 
24,116 14 61,974,199 333,162 36 



4,457,407, 78,420 47 
1,003,5911 14,8L4 45 



(»rua in force at end of year. 
Induct reinsured.. 

X* in force 31»t Dec., 1892. . 



603,681 
15,419,000 



3,453,8161 63,606 02 



12,376 71 1 1,152,284 
187,108 97' 13,101,005 



16,022,681: 199,485 68l 14,253,289 
15,398,031 180,386 09| 12,105,761 



13,386 15 
151,792 83 



165,178 9$ 
136,637 98 



624,650 



19,099 59, 



2,147,528| 
20,000j 



71,568,809 435.698 97 
67,111,402 357,278 50 



4,457,407i 
1,003,591 



78,420 47 
14,814 45 



3,453,816j 63,606 02 



1,755,965; 25,762 86 
28,520,005! 338,901 80 



30,275,970 364,664 66 
27,503,792| 317,024 07 



28,541 00 
400 00 



624,650 19,099,59 



2,127,528! 28,141 00 



2,772,178 
20,0001 



47,640 59 
400 00 



2,752,178' 47,240 59 
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158 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

WESTE RN— Concluded. 

Total number of policies in force at date No return. 

Total net amount in force $158,012,882 00 

Total premiums thereon 2,019,589 81 

Subscribed and sworn to, 1st March, 1893, by 

J. J. KENNY, 

Managing Director. 
C. C. FOSTER, 
(Received, 3rd March, 1893.) Secretary. 



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STATEMENTS 



MADE BY 



LIFE INSURANCE COMPANIES 

IN COMPLIANCE WITH "THE INSURANCE ACT." 



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LIST OP COMPANIES y 

DULY LICENSED FOR THE TRANSACTION OF LIFE INSURANCE BUSINESS IN 
THE DOMINION, FOR THE YEAR ENDED 31st DECEMBER, 1892. 



The iEtna Life Insurance Company of Hartford, Conn. 

The British Empire Mutual Life Assurance Company, London, England. 

The Canada Life Assurance Company. Hamilton. 

The Citizens' Insurance Company of Canada. 

The Commercial Union Assurance Company (Limited) of London, England. 

The Confederation Life Association of Canada. 
*The Connecticut Mutual Life Insurance Company of Hartford, Conn. 

The Dominion Life Assurance Company. 
*The Edinburgh Life Assurance Company. 

The Equitable Life Assurance Society of the United States, New York. 

The Federal Life Assurance Company of Ontario. 

The Germania Life Insurance Company. 

The Great West Life Assurance Company. ' 

*The Life Association of Scotland. 

The Liverpool and London and Globe Insurance Company. 

The London and Lancashire Life Assurance Company. 

The London Assurance Corporation, England. 

The London Life Insurance Company. 

The Manufacturers 1 Life Insurance Company. 

The Metropolitan Life Insurance Company of New York. 

The Mutual Life Insurance Company of New York. 
*The National Life Insurance Company of the United States of America. 

The New York Life Insurance Company. * 

The North American Life Assurance Company. 

The North British and Mercantile Insurance Company. 
*Tbe North-western Mutual Life Insurance Company of Milwaukee. 

The Ontario Mutual Life Assurance Company. 
*The Phoenix Mutual Life Insurance Company, Hartford, Conn. 

The Provident Savings Life Assurance Society of New York. 

The Queen Fire and Life Insurance Compauy, England. 

The .Reliance Mutual Life Assurance Society, London, England. 

The Boyal Insurance Company. 
*Tbe Scottish Amicable Life Assurance Society. 
♦The Scottish Provident Institution. 

The Standard Life Assurance Company of Scotland. 

The Star Life Assurance Society of England. 

The Sun Life Assurance Company of Canada. 

The Temperance and General Life Assurance Company. 

The Travelers' Insurance Company of Hartford, Conn. 

The Union Mutual Life Insurance Company of Maine. 

The United States Life Insurance Company. 

* The licenses of these companies expired on the 3l6t March, 1878, so far ap relates to new business. 



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LIFE INSURANCE OOMPANISS. 

THE MTNA LIFE INSURANCE COMPANY. 



163 



Statement for the Year ending 31st December, 1892. 
President— Morgan G. Bulkeley^ | Secretary*— J. L. English. 

Principal Office— Hartford, Conn., U.S. 

Agent in Canada — William H. Orb. \ Head Office in Canada — Toronto. 

(Incorporated 6th Jane, 1850. Commenced business in Canada, 1850.) 



CAPITAL. 



Amount of capital authorized $2,000,000 00 

Amount subscribed for and paid up in cash 1,500,000 00 



ASSETS IN CANADA. 

Amount of loans made to Canadian policy-holders on the company's 
policies, assigned as collaterals ($73,320.00 of this amount belongs 
to policies isBucd subsequent to 31st March, 1878) $ 

Premium obligations on Canadian policies in force ($15,791.71. of this 
amount belongs to policies issued subsequent to 31st March, 1878) 

Stocks, bonds and debentures owned by the company and held in 
Canada, viz. : — 

Par value. Market value. 

Province of Manitoba bonds 154,000 00 163,240 00 

City of London do 75,000 00 75,750 00 

City of Ottawa do 133,000 00 143,640 00 

City of Hull do 40,000 00 41,200 00 

Montreal Harbour do 60,000 00 64,800 00 

City of Quebec do 40,000 00 41,500 00 

City of Stratford do 21,000 00 22,470 00 

City of Toronto do 502,200 00 512,244 00 

Government of Quebec do 207,500 00 232,400 00 

Town of Coaticook do 21,000 00 21,000 00 

Province of Quebec do 153,000 00 168,300 00 

Town of Mount Forest do 20,000 00 20,600 00 

Town of LeVis do 30,000 00 30,000 00 

City of Brantf ord do 100,000 00 100,000 00 

City of Vancouver do 225,900 00 245,812 50 

City of St. Hyacinthe do 30,00040 30,000 00 

City of Three Rivers do 32,500 00 35,262 50 

City of Victoria do 80,000 00 86,000 00 

Town of Sault Ste. Marie do 20,000 00 21,200 00 

City of St. Thomas do 123,832 11 123,832 11 

Village of West Toronto 

Junction do . 101,203 49 101,293 49 

Village of Parkdale do 74,847 74 74,847 74 

Town of Windsor do 106,55103 112,41134 

City of Kingston do . 53.963 99 55,170 90 

City of Belleville do 50,000 00 52,500 00 

Cote St. Antoine do 100,000 00 100,000 00 

Town of Gait do 50,000 00 5O,M0 40 

Province* of New Brunswick do 50,000 00 I0UW 00 

City of St. Jotin, N.B. do M,QfflMW IBiy) 

City of Hamilton, Ont. do ^Sf«' 39 50 

City of Halifax do lOtMtift g$ lJoiOOO 00 

City of Sherbrooke, Que. do 75,000 00 75,000 00 

Roman Catholic School do Montreal 85,000 00 85,000 00 

Protestant j do do do 203,000*0 203,000 00 

Prince Edwitlfl Island do 100,00000 100,000 00 

United Stat* Government do 150,000 00 171,000 00 

Total par and market values 03,466,015 8ft 0316*7,802 06 

4-1 li ~~ 

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164 DEPARTMENT OF FINANCE — IN8UBANCE BRANCH. 

J3TNA LIFE— Continued. 
Carried out at market value $3,607,802 08 

Gross premiums due and uncollected on Canadian policies in force 814.581 91 

Gross deferred premiums on same 22,866 63 

Total outstanding and deferred premiums $37,447 54 

Deduct cost of collection at 10 per cent 3,744 75 

*Net outstanding and deferred premiums v. 33,702 79 

Total assets in Canada ....* $3,794,791 46 

LIABILITIES IN CANADA. 

Under Policies issued previous to 31s* March, 1878. 

f Amount computed or estimated to cover the net present value of all 

Canadian policies in force \ $1,676,761 60 

Claims for death losses adjusted but not due, and unadjusted but not resisted .$ 9,432 00 
Claims for matured endowments due and unpaid 4,489 00 

Net amount of unpaid claims 13,921 00 

(Of this amount $3,566 matured endowments accrued in previous 
years.) 

Amount of dividends or bonuses to Canadian policy-holders due and 

unpaid 1,263 94 

Total liabilities in respect of said policies in Canada $1,691,946 54 

Under Policies issued subsequent to 31st March, 1878. 

f Amount computed or estimated to cover the net present value of all 

Canadian policies in force $3,244,903 70 

Claims for death losses adjusted but not due. and unadjusted but not resisted . .3 2,940 00 
Claims for matured endowments due and unpaid 142 00 

Net amount of unpaid claims , 3,082 00 

(Of this amount $142 matured endowments accrued in previous 
years.) 

Amount of dividends or bonuses to Canadian policy-holders due and 

unpaid ^ 5,202 90 

Total liabilities in respect 1 of 'said policies in Canada $3,253,188 60 

Total liabilities in Canada , $4,945,135 14 

INCOME IN CANADA. 

Cash received for premiums $ 507,285 57 

Premium obligations taken in part payment of premiums 6,030 43 

Premiums paid by dividends, including reconverted additions 120,219 36 

yotal |>remifli|ynconie r...... $ 633,535 36 

Eeceived for interest on premium notes and policy loans 10,666 85 

Total incon$ $:<$tnada during the year $ 644,202 21 

* Belongs to policies issued subsequent to 31 st March, 1878. 

t Based on Institute of Actuaries' H. M. Table of Mortality, with 4i per cent interest 

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/ 



LIFE INSURANCE COMPANIES. 165 

jETNA LIFE— Continued. 

EXPENDITURE IN CANADA. 

Cash paid for death losses in Canada $203,143 20 

Premium and other obligations used in payment of the same 3,381 46 

Total amount paid for death claims. , $ fffo. 524 66 

(Of this amount $3,570.04 accrued in previous years.) 

Cash paid for matured endowments. ..........$ 340,104 06 

Premium and other obligations used in payment of the same 53,770 40 

Total $ 393,874 46 

Deduct amount received from other companies for reinsured endowment 

claims Nil 

Total amount paid for matured endowments f 393,874 46 

(Of this amount $5,206 accrued in previous years.) 

Total amount paid for death claims and matured endowments $ 600,399 12 

Cash paid for surrendered policies % 38.138 26 

Premium obligations used in purchase of surrendered policies 959 00 

Cash dividends paid policy-holders and applied in payment of premiums 

in Canada - 120,219 36 

Premium obligations used in payment of dividends to policv-holders in 

Canada ! 2,680 57 

Total net amount paid to policy-holders in Canada $ 762,396 31 

Cash paid for commissions, salaries and other expenses of officials in 

Canada ; 54,623 13 

Taxes, licenses, fees or fines 1,728 51 

Miscellaneous payments, viz. : — 

Postage, $2,730.82; supplier*, $12.85; travel, $22.50; telegraph, 
$52.22 ; express, $374.26 ; stationery, $194.83 ; advertising, 
$2; printing. $349.59; exchange, $610.29; medical examiners, 
$1,686; legal expenses, $5.30 6,040 66 

Total expenditure in Canada $ 824,788 61 

PREMIUM NOTE ACCOUNT. r 

Premium obligations on hand at commencement of year $ 40,372 15 

do received during the year 2,5H4 43 

$ 42 ,906 5 8 

Amount of obligations used in payment of claims $ 4,^59 70 

do used in payment of dividends to policy-holders. 2,680 57 

do i redeemed in cash 2,225 83 

Total deductions f $ 9,366 10 

Balance— note assets at end of year $ 33,540 48 

MISCELLANEOUS. 

No. Amount. 

Number of new policies reported during the year as taken in 

Canada 500 

Amount of said polices $ 762,858 00 

Number of policies become claims in Canada during the year. 475 

Amount of said claims ; 5S4,900 00 

Number of policies in force in Canada at date 13,171 

Amount of said policies 17,055.349 00 

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166 DEPARTMENT OF 'FINANCE — INSURANCE BRANCH. 

.ETNA LIFE— Continue. 

Number and amount of policies terminated during the year in Canada: — 

No. Amount 

1. By death 172 $ 204,540 00 

2. By maturity 303 388,742 00 

3. By expiry..' 73 133,550 00 

4. By surrender (for which ca6h value has been paid, 

$38,138.26) 203 114,960 00 

5. By surrender, $139,566 (for which paid-up polioies have 

been grunted to amount of $68,040). 
Difference of amounts carried out 71,526 00 

6. By lapse 157 323.543 00 

Total ! 908 $ 1,236,86100 

No. Amount 

Policies in force at beginning of year.....* 13,594 $17,533,709 00 

Policies issued during the year 758 981,541 00 

Policies terminated as above and by change to paid-up policies 1,071 1,304,901 00 

Policies not taken ..A 110 155,000 00 

Policies in force at date of statement 13,171 17,055,349 00 

Number of insured lives at beginning of year 12,093 

Number of new insurers during tho year 350 

Number of deaths during the year among insured 154 

Number of insured whose policies have been terminated 

during the year otherwise than by death 533 

Number of insured lives at date of statement 11,756 

Detail of Policies issued since 31st March, 1878. 

Policies in force at beginning of year in Canada 10.048 $13,459,780 00 

Policies issued during the year 758 981,541 00 

Policies terminated as above and by change to paid-up policies 775 1,176,084 00 

Policies not taken 110 155.000 00 

Policies in force at date of statement 9,921 13,110,237 00 

• — - — 

Subscribed and sworn to, 2Qth February, 1893, by 

J. L. ENGLISH, 

Secretary, 
(Received, 27th February, 1893.) 



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LIFE INSURANCE C0MPANIE8. « 167 

.ETNA LIFE— Continued. 

General Business Statement for Year ending 31st December, 1892. 

(As returned to the Insurance Commissioner y State of Connecticut.) 

INCOME DURING ?HB YEAR 1892. 

Total premium income (including accident premiums, $79,773.01)...$ 1,660,539 89 
Cash received for interest upon mortgage loans (including accident, 

$1,987.47) 1,085,523 70 

Cash received for interest on bonds owned and dividends on stock 629,905 71 

do do premium notes, loans and liens 72,004 45 

do do collateral loans due the company , 47,77156 

do do deposits 41,106 04 

do for rents /. 13,239 70 

do as discount on endowment claims paid in advance 2,867 79 

Total income (including accident, $81,760.48) $ 6,552,958 84 

DISBURSEMENTS DURING THE YEAR 1892. ' 

Total amount actnally paid for losses and matured endowments $ 3,155,765 93 

Amonntpaid for accident losses 32,784 04 

Cash paid for surrendered policies 137,249 31 

Promium notes, loans or liens used in purchase of surrendered policies, 

and voided by lapse 19,984 40 

Cash surrender values, including reconverted additions, applied in 

payment of premiums 202,926 70 

Cash dividends paid to policy holders 617,895 00 

Premium notes, loans or liens used In payment of dividends to policy- 
holders 60,459 03 

Cash paid stockholders for interest or dividends 125,000 00 

Cash paid for commissions to agents (including accident, $18,722.96) 604,461 82 

Cash paid for taxes. > 119,740 17 

General expenses (including accident, $15,907.82) 285,651 49 

Total disbursements (including accident, $67,414.82)...$ 5,361,917 89 



ASSETS. 

Cost of real estate, less encumbrances $ 535,056 65 

Loans on bonds and mortgages (first liens) on real estate (including 

accident loaus, $58,100) 17,882,727 43 

Loans secured by pledge of bonds, stock and other marketable colla- 
terals 395,039 62 

Loans made in cash to policy-holders on the company's policies 

assigned as collaterals 354,168 62 

Premium notes, loans or liens on policies in force 913,626 70 

Cost value of bonds and stocks owned absolutely 12,966,403 22 

Cash on hand and in banks (including accident, $23,139 21) 4,053,147 89 

Agents' ledger balances 16,641 86 

Bills receivable , 700 00 

Deposited with accident department... 50,000 00 

Total net or ledger assets (ipcluding accident, $81,239.21). $37,167,511 99 

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168 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

iETNA LIFE— Concluded. 

OTHER ASSETS. 

Interest due and accrued (Including $827.13 accident) 499,197 93 

Market value of stocks and bonds over cost 726,055 69 

Net amount of Uncollected and deferred premiums 332,752 46 

Total assets as per books of company * $38,725,518 07 

Deduct items not admitted 17,341 86 

Total assets (less items not admitted) $38,708,176 21 

LIABILITIES. 

Net reinsurance reserve, American Experience Table, 4} per cent. ...$30,041,343 00 

Reserve on accident policies, 50 per cent of premiums V. 34,538 37 

Total unsettled olaims (including accident, $1,570.91) 258,106 91 

Amount of all unpaid dividends or surplus, or other description of 

profits due policy-holders r, 339,812 23 

Premiums paid in advance 3,582 57 

Bills payable.- 5,082 02 

Contingent surrender values 9,005 00 

Total liabilities (including accident, $36,109.28). $30, 691,47 10 

Gross surplus on polioy-holders* account $ 8,016,706 U 

RISKS AND PREMIUMS. 

i 

LIFE. 

Number of new policies issued during the year 12,761 

Amount of said policies $25,139,837 00 

Number of policies terminated during the year 9,355 

Amount terminated 17,599,856 30 

Number of policies in force at date of statement , 81,289 

Net amount of said policies $132,778,465 94 

ACCIDBNT. ; 

Number of policies issued during the year 5,778 

Amount of said policies $19,290,750 00 

Number of policies terminated during the year 3,755 

Amount terminated .". 10,919,300 00 

Number of policies in force at date of statement 4,578 

Net amount of said policies $15,589,250 00 



Subscribed and sworn to, by 

J. L. ENGLISH, 



M. G. BULKELEY^ 

President 



Secretary. 
Hartford, 22nd February, 1893. 



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LIFS INSURANCE COMPANIES. 169 

THE BRITISH EMPIRE MUTUAL LIFE ASSURANCE COMPANY. 



Statement for the Tear ending 31st December, 1892. 

President — J. H. Trouncer. | Actuary and Secretary — H. J. Rothert. 

Principal Office — London, England. 

Agent in Canada — F. Stancliffe. | Head Office in Canada — Montreal. 

(Incorporated, 26th January, 1817. Commenced business in Canada, 7th 

February, 1883.) 



No capital. 



ASSETS IN CANADA. 

Value of real estate in Canada held by the company ....$ 125,000 00 

Mortgages on real estate in Canada 1,254,505 45 

Amount of loans made to Canadian policy-holders on the company's 

policies assigned as collaterals M 42,795 70 

Stocks and bonds in deposit with the Receiver-General : — 

Par Value. 

Province of British Columbia bonds $ 4,806 07 

Canada 4 per cent bonds, 1885 v . . 6,813 33 

City of Ottawa bonds 24,333 34 

Tasmanian 6 per cent bonds 33,093 33 

City of Toronto 6 per cent debentures 52,560 00 

Carried out at pur value 121,666 67 

Cash at head offico in Canada 20,543 25 

Cash in bank of Montreal 66,134 37 

Bills receivable ...». 200 00 

Agents' ledger balances ' : 7,331 59 

Interest due . . . $ 4,657 08 

Interest accrued 22,186 92 

Total 26,844 00 

Rents due $ 92 50 

Rents accrued 1,022 83 

Total ~..7~ 1,115 33 

Gross premiums due and uncollected on Canadian policies in force $ 31,784 21 

Deduct cost of collection, at 10 per cent 3,178 42 

Net outstanding premiums 28,605 79 

Total assets in Canada *1,694,742 15 



LIABILITIES IN CANADA. 

* Amount of reserve on all outstanding policies in Canada : $ 750,000 00 

Claims for death losses — unadjusted but not resisted 6,000 00 

Total liabilities in Canada $ 756,000 00 



' # Estimated by the Department, on basis of Institute of Actuaries' H.M. Table 4$ per cent interest. 

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170 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

BRITISH EMPIRE— Continued. 

INCOME IN CANADA. 

Gross amount of premiums received in cash during tho year on life 

policies in Canada $ 239,557 72 

Deduct premiums paid to other companies for reinsurance 16,207 97 

• " 

Net premium income $ 223,349 75 

Received for rents 4,670 50 

All other income (interest on mortgages, &c.) , 71,190 92 

Total income in Canada $ 299,211 17 



EXPENDITURE IN CANADA. 



Cash paid for death losses in Canada (including bonuses, $1,051.20)....$ 31,867 5$ 
Deduct amount received for reinsured death claims '.. Nil. 



Net amount paid on account of death claims in Canada ~ $ 31,867 53* 

Cash paid for matured endowments 9 14,500 00 

Deduct amount received for reinsurance 5,000 00 

Net amount paid on account of matured endowments 9,500 00 

Cash paid to annuitants 305 40 

Amount paid for aurronderod policies 9,055 58 

Cash dividends paid to Canadian policy-holders 1,534 97 

Total net amount paid to policy-holders in Canada $ 52,263 48 

Cash paid for commissions, salaries and other expenses of officials in 

Canada 32,746 27 

Cash paid for taxes 1,629 02 

Miscellaneous payments, viz. : — 

Charges, $1,565.56; travelling expenses, $2,496.68; advertising, 
$883.54; stationery, $526. 10 ; rent, $1,548.42; legal expenses, 
$579.86; agents' balances written off, $4,322.63 11,922 79 

Total expenditure in Canada v $ 98,561 56 

MISCELLANEOUS. 

Number of new policies reported during the year as taken in 

Canada 503 

Amount of said policies $ 850,000 00 

Amount of said policies reinsured in other licensed companies in Canada 100,000 00 

Number of policies become claims in Canada during the year 25 

Amount of said claims 52,367 53 

Amount of above claims reinsured in other licensed companies in 

Canada 5,000 00 

Number of policies in force in Canada at date 3,007 

Amount of said policies $6,132,742 06 

Bonus additions thereon.. .'. 44,868 77 

Total. 16,177,610 82 

Less amount of said policies reinsured in other licensed companies in Canada. 313,500 00 

Net amount in foroe, 31st December, 1892 $5,864,110 82 



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LIFE INSURANCE COMPANIES. 171 

BRITISH EMPIRE- Continued. 

Number and amount of policies terminated during the year in Canada : — 

No. Amount. 

1. By death (including bonua additions. $1,051.20) 21 $ 37,867 53 

2. By maturity 4 14,500 00 

3. By expiry 3 6,600 00 

4. By surrender (including bonua additions, $1,550.50).... 66 151,458 50 

(For which eaah value has been paid, $9,055.58.) 

5. By surrender (including bonus additions, $63,989.) 

(For which paid up policies have been granted to 

amount of $13,954.49.) 
Difference of amounts carried out # 70,523 51 

6. By lapse (including bonus additions, $528.51.) 176 230,528 51 

Total (including $3,619.21 bonus additions) 270 $ 511,478 05 

== — 1 — 

No. Amount. 

Policies in force at beginning of year in Canada (including 

bonus additions, $51,277.48^ •. 2,842 $5,925,878 37 

Policies issued during the year 531 883,500 00 

Bonuses added during tho year » < 1,888 00 

Reinstated (including bonus additions, $74.00) 3 7,074 00 

Policies terminated as above (including bonus additions, 

$3,619.21) 270 511,478 05 

Policies not taken i ... 99 124,500 00 

Policies in force at date of statement (including bonus addi- 
tions, $44,868.77.) 3,007 6,177,610 82 



Number of insured lives at beginning of year in Canada 2,808 

Number of new insurers during the year 498 

Number of death* during the year among the insured 19 

Number of insured whose policies have been terminated during the year 

otherwise than by death ; 343 

Number of insured lives at date of statement 2,944 

Subscribed and sworn to, 28th February, 1893, by 

9 F. STANCLIFFE. 

Chief Agent. 

(Received, 1st March, 1893). 



General Business Statement for the Year ending 31st December, 1892. 
(Abstracted from the Directors' Report, London, England, 2lst March, 1893 ) 

NEW BUSINE8S. 

The proposals received during the year were 1,488 in number, for the assurance 
of £695,267. Tho policies issued were 1,243, assuring £535,235, of which amount 
£33,595 was reassured with other companies, making the* net new Mims assured 
£501,640. 



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172 DEl'ARTMENT OF FINANCE — IN8URANCE BRANCH. 

BRITISH EMPIRE— Continued. 

CLAIMS. 

D1 J the lives assured, 367 died daring the year. The claims thus arising under 
408 policies amounted to £127,071, including reversionary bonus. The claims, both 
as regards number and sums assumed, were within the expectation upon the basis of 
the Institute of Actuaries' Mortality Table. N 

ANNUITIES. 

Four Immediate Annuities wore granted for £1,547 13s., the purchase- money 
received being £16,271. 

Nine Annuitants, in receipt of £314 5s. lOd. per annum, died during the year. 

INTEREST. 

The rate of interest earned upon the invested funds was over £4 7s. 6d. per 
cent. The rale calculated upon the total funds, investod and uninvested, was nearly 
£4 5s. per cent after deducting income tax. • 

EXPENDITURE. 

The reduction in tho amount expended in management and commission referred 
to in recent annual reports, has been maintained duripg the year, and a further 
reduction in the ratio has been effected. 

PREMIUM INCOME. 

The total premium income for the year was £196,152, after deducting payments 
for reassurances. 

FUNDS. 

The total funds on 31st December, 1892, amounted to £1,621,504, 'showing an 
increase of £88,327 during the year. 

t 

BU8INES8 IN FORCE. 

The policies in force on 31st December, 1892, wore 20,563, assuring (after 
deduction of reassurances) nearly £6,300,000, including bonus additions. 

VALUATION AND BONUS. 

The next valuation will be made as at the 31st of December next, and there is 
every reason to expect that the bonus to be declared at the annual meeting in 
April, 1894, will be satisfactory to the members. 

Revenue Account fob tiie Year ending 31st December, 1892. 

£ b. d. £ s. d. 

Amount of funds at the beginning Claims 127,071 10 7 

of the year 1,533,177 16 11 Endowments matured 7,224 5 9 

Premiums (less reassurances) 190,152 11 8 Surrenders 12,834 4 1 

Consideration for annuities granted 16,271 Annuities 4,553 4 8 

Interest (less tax) 6C,503 8 Commission 12,42112 9 

Expenses of management 22,325 10 10 

Cash bonus 1,769 2 3 

Bonus reduction of premiums 2,400 5 6 

Amount of funds at the end of the 

year (as per balance sheet) 1,621,504 12 10 

£1,812,104 9 3 £1,812,104 9 3 



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LCTE IN8URAN0E COMPANIES. 173 

/ , BEITISH EMPIBE— Concluded. 

Balance Sheet on the 31st December, 1892. 

LIABILITIES. ASSETS. 

£ B. d. £ 8. d. 

Assurance fund. . .£1,594,962 6 11 Mortgages on property within the 

Reserve fund 26,542 5 11 United Kingdom 257^486 3 4 

1,621,504 12 10 Mortgages on property out of the 

Claims admitted and announced, United Kingdom 260,022 8 6 

hut not paid 22,385 8 Loans on reversions 67,814 18 4 

Outstanding accounts— Loans on life interests , 283*824 9 11 

Reassurance premiums£l, 801 4 5 Loans on the Company's policies .. . 106,222 13 4 

Sundry accounts. 1,369 18 5 Loans on personal security (with 

3,171 2 10 life policies and other collateral 

securities) 78,828 15 2 

*In vestment* — 

British Government securities 9,747 10 

Colonial Government securities. 41,769 2 6 

Municipal securities 34,200 

Foreign Government securities. 15,444 5 9 
Railway and other debentures 

and debenture stock 59,385 8 

Railway stock (preference and 

ordinary 21,584 8 8 

Railway bonds (first mortgage). .40,515 

House property and land 193,270 2 Jl 

Ground Rents 84,973 12 10 

Reversions.... 4,638 5 5 

Life interests 1,777 1 5 

Furniture and fixtures at head office 

and branches 1,023 1 6 

Agents' balances 12,052 2 6 

Outstanding premiums (payable in 

January) 32,201 1 3 

Accrued and outstanding interest. . 16,625 11 8 

Cash in hand on current account. . . 22,655 8 

i £1,647,061 3 8 ^ £1,647,061 3 8 

^ - <V4flr****i*itB here stated do not exceed the original cost price. Fluctuations in value of the invest- 
**bjk>*> t*»Jcen into account until realization. 



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174 



DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

CANADA LIFE ASSURANCE COMPANY. 



Statement for the Year ending 31st December, 1892. 

President and Managing Director — A. G. Ramsay. 

Secretary — R. Hills. | Agent— A. G. Ramsat. 

Head Office— Hamilton, Ont. ' 

(Organized, 21st August, 1847; incorporated, 25th April, 1849; commenced business 

iu Canada, 21st August, 1847.) ' 



CAPITAL. 



Amount of capital authorized and subscribed for..... $1,000,000 00 

Amount of capital paid up in cash 125,000 00 



{For List of Shareholders, see Appendix.) 



ASSETS Ab PER LEDGER ACCOUNTS. 

Value of real estate (without encumbrances) held by the company : 

Buildings in Hamilton, Toronto, Montreal and elsewhero % 864,951 67 

Amount secured by way of loans on real estate by bond or mortgage, 
first liens (including ground rents, $850.56 and $85,624.50 on bonds 
on reversionary interest and shares of estates) ; 4,140,919 57 

Amount of loans secured by bonds, stocks or other marketable collat- 
erals 1,972,103 17 

Viz.: — Upon stock and bonds of — 



90 


do 


94 


do 


7 


do 


6 


do 


30 


do 


12 


do 



Par Value. 

25 Shares Hamilton Provident and Loan 

Society 9 2,500 00 

Hamilton Gaslight Go 1,200 00 

The £. & 0. Gurney Co. (Ltd.). . . 18,800 00 

Hamilton Gaslight Co. 280 00 

Hamilton Street Railway Co 800 00 

Hamilton Steam-boat Co 3,000 00 

Hamilton Provident and Loan 

Society 1,200 00 

36 do Hamilton Gaslight Co 1,170 00 

The Globe Cattle Co.'s debentures, 7 per cent. 80,000 00 
The Land security Co. 's do 5 do . . 50,000 00 

Kingston, Napaneo and Western Ry. bonds, 6 

per cent 500,000 00 

Bay of Qui rite Ry. and Nav. Co.'s bonds, 6 per 

cent 60,000 00 

Lake Erie, Essex and Detroit River Ry. Co.'s 

bonds, 6 per cent . 500,000 00 

St. Lawrence and Adirondack Ry. Co.'s bonds, 

5 per cent I. 400,000 00 

Michigan Central Ry. Co.'s bonds, 5 per cent. . 125,000 00 

600 Shares Michigan Central Ry. Co 60,000 00 

600 do New York Central and Hudson 

River Railway 60,000 00 

Parish of St. Andrew's, P.Q., bonds, 5 per cent 'J, 762 00 
Lake Erie and Detroit River Ry. Co.'s bonds, 6 

per cent 460,000 00 

4000 Shares H. Walker & Sons (Ltd.) 336,000 00 

Grant, Lottridge Brewing Co. (Ltd.)bonds, 6 per 

cent 

Policies No*. 43,780 and 056,865 in Canada Life 
and 780 shares Grant, Lottridge Brewing 
Co. (Ltd) 



Market 
Value. 

I 3,375 00 

1,920 00 

23,500 00 

448 00 

540 00) 

3,000 00 J 

1,620 00 

1,872 00 

40,000 00 

50,000 00 

500,000 00| 

60,000 OOJ 



Amount 

loaned 

thereon. 

t 1,900 00 

1,200 00 

22,500 00 

280 00 

2,000 00 

700 00 

1,000 00 

28,761 17 

50,000 00 



450,000 00 



500,000 00 400,000 00 



400,000 00 V 

125,000 00 1 

63,600 00 \ 

66,600 00 1 
9,762 00 



460,000 00 \ 
336,000 00 I 



100,000 00 100,000 OO^j 



500,000 00 



9,762 00 
375,000 00 



100,000 00 



78,000 00 78,000 00 J 



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LIFE INSURANCE COMPANIES. 175 

CANADA LIFE— Continued. 

Par Value. *;Ajt *££$ 

Vall,e ' thereon. 

Hamilton and Dundas Street Railway bonds, 6 

per cent ... . . f 14,800 00 $ 14,800 00 $ 12,500 00 

Hamilton and Dundas Street Railway bonds, 6 

per cent 10,000 00 10,000 00^ 

Hamilton and Dundaa Street Railway — First 

preference stock ....... 6,000 00 5,000 00 [■ 16,500 00 

Life and endowment policies in Canada Life, 

JEtuA of Hartford and Connecticut Mutual 

Companies. J 

Total $2,877,012 00 $2,855,037 00 $1,972,608 17 

Amount of loans, as above, on which interest has not been paid within one year pre- 
vious to statement, $198,487.07. 

Amount of loans made in cash to policy-holders on the company's 
policies assigned as collaterals (including $18,700, being loans on 
policies of other companies) ~- , $1,259,986 63 

Premium obligations on policies in force 101,361 68 

Debentures owned by the company \— 

Municipality. Par value. 
CUv— 

Hamilton $ 32,302 38 

Belleville 43,000 00 

Brantford 14.500 00 

Three Rivers, Que 20,000 00 

Vancouver, B.C 15,500 00 

Victoria,B.C 170,000 00 

St. Thomas 11,009 7(5 



$ 306,312 14 



County — 

Coinpton, Que 28,973 34 

Digby, N.S 37,400 00 

Bruce 10,000 00 

Minnedosa, Man 8,000 00 

$ 84,373 34 



Town — 

Windsor $121,994 14 

Gait. 5,000 00 

Lindsay 39,500 00 

Stratford 34,800 35 

Tilsonburg , .. 6,600 00 

IngersoU 57,000 00 

Woodstock 6,000 00 

Sarnia 20,000 00 

i Niagara Falls 13,250 00 

L Mitchell 24,000 00 

Oriderich 6,000 00 

Dresden 2,116 44 

1 Kincardine 11,000 00 

Peterboro* 14,500 00 

i St. John's 60,000 00 

| Beauharnois, Q 10,000 00 

\ Sherbrooke, Q. , 13,100 00 

Seaforth 4,000 00 

I Orangeville , 15,000 00 

I OrilHa .. , , 8,000 00 

St.Henri,Q 22,000 00 

! Petrolea , 29,445 27 

1 Cornwall , 4,33100 

[ Amherstburg .. K ... 8,607 51 

Meaford ..,,...,.,..... 635 00 

[ Walkerton ............ 7,00000 

r Listowel 6,280 00 

Wingham .., 11,000 00 

Uxbridge 5,000 00 

Calgary 27,833 34 



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176 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

CANADA LIFE— Continued. ' 
Debentures owned by the Company — Continued. 

Municipality. Par value. 

' Town— Continued. 

Blenheim $ 1,148 03 

West Toronto Junction * 56,871 46 

Brampton 53,303 04 



* 704,815 58 



Village— Listowel $ 5,000 00 

Clinton 6,000 00 

Exeter 14,500 00 

Caledonia 9,500 00 

Hochelaga, Q '. . . 80,000 00 

Georgetown 12,800 00 

St. Cunegonde, Q , 87,000 00 

St. Jean Baptiste, <^ 35,000 00 

Wingham 2,500 00 

Cdte St. Louis, Q 5,700 00 

Alliston ..' 3,400 00 

Madoc 7,500 00 

Glencoe 152 00 

Brussels 9,000 00 

St. Gabriel, Q 65,000 00 

Parkdale 80,000 00 

Blyth 5,30000 

Aylmer 15,885 29 

Thamesville 4,665 08 

PortElgin 2,083 47 

Uxbridge .• 10,000 00 

Dunnville 4,805 00 

Lucknow 4,500 00 

Essex Centre 3,473 00 

Tottenham 1,318 00 

Kingsville "1,403 00 

Wallaceburg 13,329 24 

London West 15,000 00 

Leamington 9,723 48 

Port Stanley 1,121 32 

Tilbury Centre 3,747 78 

Tara.... 3,000 00 

• 522,406 66 

Township— Dudswell, Q $ 20,000 00 

Weedon, Q 24,000 00 

Dover. . . . , 9,078 98 

' Enniskillen 414 00 

Mara 8,600 00 

Bolton,Q 10,600 00 

Grantham, Q 2,081 62 

Yarmouth, N.S 59,200 00 

Chatham 954 65 

Gosfield 1,851 09 

South Colchester 3,026 00 

North Colchester 370 00 

Raleigh. 6,766 01 

Mersea 13,168 62 

Westminster 845 87 

St. Jean Baptiste, Man 1,000 00 

Tarbolton, Man 700 00 

McLeod, Man ■. 1,000 00 

Albert, Alan 320 00 

Melbourne, Man 1,500 00 

McKellar 195 00 

Aldboro' 776 50 

Alfred 1,416 00 

Lethbridge 1,000 00 

Dunwich 4,454 89 

Caradoc 2,740 38 

Ferris 800 00 



9 176,859 61 



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Lin INSURANCE COMPANIES. 177 

CANADA lilFR—Oontinued. 
Debentures owned by the Company— Obncfa<tai 

Municipality. Par value. 

Simopm-City % $306,312 14 

County 84,373 34 

Town 704,815 58 

Township 176,859 61 

Village 522,406 66 



Total municipal debentures, par value $1,794,767 33 

Stocks and bonds owned by the Company : — 

Par value. . Value , Ma f ket 

in account. value. 

Bank Stock*— Merchants' Bank $ 66,500 00 $ 97,018 25 $ 107,065 00 

Dominion Bank 40,000 00 89,200 00 105,600 00 

Standard Bank 26,850 00 37,321 00 43,765 00 

Federal Bank , 20,000 00 4,000 00 500 00 

Imperial Bank 2,000 00 3,010 25 3,660 00 

Molaons Bank 2,000 00 3,060 00 3,400 00 

Bank of Hamilton 100,100 00 148,360 00 162,162 00 

Bank of Toronto 39,900 00 86,184 00 98,154 00 

Bank of Montreal 50,000 00 113,000 00 117,500 00 

Bank of Commerce 41,350 00 58,885 80 59,644 00 

$ 388,700 00 $ 639,539 30 $ 701,350 00 

Loan Companies' Stock — Canada Landed 

and National Investment Company.. $ 5,000 00 $ 5,900 00 $ 6,550 00 

HuronandErie 22,300 00 33,343 00 34,206 00 

Trusts Corporation of Ontario 1,000 00 1,000 00 1,000 00 

$ 28,300 00 $ 40,243 00 $ 41,756 00 

Gas-light Companies 1 Stock— Hamilton $ 5,012 00 $ 6,772 65 $ 8,019 00 

Toronto..... 63,000 00 114,623 74 120,330 00 



$ 68,012 00 $ 121,396 39 $ 128,349 00 



Loan Companies' Debentures — Central Can- 
ada Loan and Savings Company. . . .$ 100,000 00 $ 100,000 00 $ 100,000 00 
Canada Landed and National Invest- 
ment Company 50,000 00 50,000 00 50,000 00 

$ 150,000 00 $ 150,000 00 $ 150,000 00 



Municipality. ParValua ta J-^ fc Market 

Bridge Companies 9 Debentures— Dorchester.... $ 6,000 00 $ 6,000 00 $ 6,000 30 

Tdegraph Companies 9 Stock— Dominion $ 6,700 00 $ 5,723 50 $ 6,901 00 

Bailmif Bonds— Wellington, Grey and Bruce.. $ 7,786-67 $ 7,455 75 $ 7,455 75 

Central Counties 15,000 00 13,500 00 13,500 00 

$ 22,786 67 $ 20,955 75 $ 20,956 75 

Street Railway Bond* — St. Catharines, Merriton 

MdThorold $ 473 97 $ 473 97 $ 473 97 



Water Works Companies' Debentures — 

Belleville 8 140,000 00 $140,000 00 $140,000 00 

Berlin 80,000 00 80,000 00 80,000 00 

Cobourg 60,000 00 60,000 00 60,000 00 

Waterloo 15,000 00 15,000 00 15,000 00 

Kincardine 30,000 00 30,000 00 30,000 00 

IngersolL 50,000 00 50,000 00 50,000 00 

Lindsay 50,000 00 50,000 00 50,000 00 

$ 425,000 00 S 425,000 00 $ 425,000 00 

4-12 * ~~ 



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178 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

« 

CANADA LIFE— Continued, 
Stocks and bonds owned by the Company— Continued. 

Cotton Companies 1 Bonds— 

Magog Textile and Print Co $ 150,000 00 $ 150,000 00 8 150,000 00 

Canada Cotton Co 151,000 00 151,000 00 151,000 00 

8 301,000 00 $ 301,000 00 8 301,000 00 



Rolling Stock Companies' Debentures — Victoria 

Rolling Stock Co $101,000 00 8 101,000 00 8 101,000 00 

Newfoundland Government Inscribed Stock $ 48,666 66 $ 50,535 13 $ 50,535 13 



United States Government Bonds 8 100,000 00 8 127,250 00 $ 127,250 00 



Railway Companies' Stock— 

Canadian Pacific 8 200,000 00 $185,568 41 $178,000 00 

Canada Southern 200,000 00 121,653 75 116,000 00 



$ 400,000 00 $ 307,222 16 $ 294,000 00 



Summary— Bank stock* $ 388,700 00 $ 639,530 30 $ 701,350 00 

Loan companies' stock 28,300 00 40,243 00 41,756 00 

Gas-light companies' stock 68,012 00 121,396 39 128,341* 00 

Loan companies' debentures 150,000 00 150,000 00 150,000 00 

Bridge companies' debentures 6,000 00 6,000 00 6,000 00 

Telegraph companies' stock 6,700 00 5,723 50 * 6,901 00 

Railwaybonds 22,786 67 20,955 75 20,955 75 

Street railway bonds 473 97 473 97 473 97 

Water works comiianies' debentures 425,000 00 425,000 00 425,000 00 

Cotton companies* bonds 301,000 00 301,000 00 301,000 00 

Newfoundland Government inscribed stock 48,666 i» 50,535 13 50,535 13 

United States Government bonds 100,000 00 127,250 00 127,250 00 

Rolling stock companies' debentures 101,000 00 101,000 00 101,000 00 

Railway companies' stock 400,000 00 307,222 16 294,000 00 

Totals 82,046,639 30 $2,296,339 20 $2,354,570 85 



Total debentures, stocks, &c, carried out at value in account $4,091,106 53 

Cash at bead office , 43 93 

Cash in banks, viz. : — 

Bank of Montreal 8 17,025 53 

National Bank of Scotland 22 29 

Bank of Hamilton 16,660 25 

Canadian Bank of Commerce 33,501 76 

67,209 83 

Office furniture 7,139 10 

Items in suspense 584 16 

Total $12,505,356 27 

OTHER ASSETS. 

Interest due 8 33,690 24 

do accrued 209,908 18 



Total carried out 243,598 4 

Rents due 8 952 71 

do accrued 3,954 62 



o 



Total carried out 4,907 33 

Gross premiums due and uncollected on policies in force 8 227,814 71 

Gross deferred premiums on same 131,371 73 

Total outstanding and deferred premiums 8 309,186 44 

Deduct cost of collection, at 10 per cent 35,918 64 

Net outstanding and deferred premiums 323,267 80 

Total assets ,.., $13,077,129 82 



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LIFE INSURANCE COMPANIES. 179 

CANADA LIFE— Continued. 

LIABILITIES. 

* Amount computed to cover the net present value of all policies in force 910,959,756 00 

Deduct value of policies reinsured in other companies 37,939 00 

Net reinsurance reserve $10,921,817 00 

tClaims for death losses due and unpaid 8 45,553 44 

Claims for death losses unadjusted, but not resisted 50,200 00 

Total ~ 95,753 44 

Amount of dividends or bonuses to policy-holders due and unpaid 19.480 06 

Premiums paid in advance * 2,970 43 

Total $11,040,020~93 

Amount added by the Department to bring reserve up to the Insti- 
tute of Actuaries' H,M. 4J per cent standard 522,148 00 

Total liabilities $ 11,462,168 93 

Surplus of assets over liabilities available for protection of policy- 
holders $1,614,960 89 

Of which has been carried to proprietors' account 52,075 97 

Leaving surplus on policy-holders' account ~$1,562,884 92 

Capital stock paid up $ 125,000 00 

Surplus above all liabilities (including capital stock paid up and the 

amount as above carried to proprietors' account) 1,437,884 92 

INCOME. 

Cash received for premiums 81,545,801 06 

Premiums paid by dividends, including reconverted additions 174,575 80 

Total $1,720,436 86 

Deduct premiums paid to other companies for reinsurance 11,438 90 

Total premium income $1,708,997 96 

Received for interest and dividends 604,730 81 

Received for rents 18,856 73 

Profits on Balos of debentures, &c 53 00 

Total inoome '. - $2,332,638 50 

EXPENDITURE. 

Cash paid for death losses 8 715,188 12 

^Premium obligations used in payment of same 1,867 79 

Total amount paid for death claims (of this amount $45,018, and 85,073.96 

profits, making $50,091.96, accrued in previous years) $ 717 ; 055 91 

Deduct amount received from other companies for reinsured death claims ... >» il. 

Net amount paid for death claims 8 717,055 91 

Cash paid for matured endowments $ 63,440 89 

tPremium obligations used in payment of same 2,292 89 

Total paid for matured endowments 65,733 78 

Total net amount paid for death claims and matured endowments $ 782,789 69 

(Including $90,904.69, being profits paid on account of claims.) 

Cash paid to annuitants 400 00 

Cash paid for surrendered policies 68,411 35 

^Premium obligations used in purchase of surrendered policies 1,340 55 

*Upon basis of American Experience table of mortality, with 4£ per cent interest. Computed by the 
Insurance Department of the State of Michigan, as at 31st December, 1892. 
tOf this amount $2,000 accrued in previous year. 
X Being half credit debts. 
4-12* 



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180 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

CANADA LIFE— Continued. 

Cash dividends paid to policy-holders $ 33,384 85 

Cash dividends applied in payment of premiums 174,575 80 

*Premium obligations used in payment of dividends to policy-holders. 2,745 20 

Cash paid stockholders for interest or dividends (twenty per cent) 25,000 00 

Commissions, salaries and other expenses of officials 231,355 98 

Taxes, licenses, fees or fines 5,648 71 

Miscellaneous payments, viz. : — 

Medical fees, $9,126.75 ; solicitor's charges, $1,281.62 ; travelling 
expenses of agents and others, $6,635.77; rents, $22,881.19; 
fuel, $661.48; gas, $550.83; stationery, $3,058.30; printing, 
$2,165.58 ; advertising, $4,216.31 ; books and periodicals, 
$856.47; postage, exchange, &c, $7,070.25 ; sundries, inoluding 
water rates, express charges, guarantee premiums, cleaning 
offices, &c, &c, $8,145.73 ; written off office furniture, $793.20 67,443 48 

Total expenditure $ 1,393,095 61 

*PREMITTM NOTE ACCOUNT. 

Premium obligations on hand at 31st December, 1891 $ 112,335 31 

Deductions daring the year, viz. : — , 

Amount of obligations used in payment of claims $ 4,160 68 

do do purchase of surrendered policies.... 1,340 55 

do do voided by lapse 2,727 20 

do do used in payment of dividends to 

policy-holders 2,745 20 

Total deductions $ 10,973 63 

Balance, premium obligations at 31st December, 1892 $ 101,361 68 

MISCELLANEOUS. 

Number of new policies reported during the year as taken 2,119 

Amount of said policies '. $ 5,475,000 00 

Amount of said policies reinsured in other licensed companies in 

Canada 214,573 28 

Number of policies become claims during the year 348 

Amount of said claims (including profits) 837,460 47 

Number of policies in force at date 27,772 

Amount of said policies $ 66,467,636 20 

Add bonus profits 2,915,301 10 



Total 8 59,382,937 30 

Deduct amount of said policies reinsured in other licensed companies in 

Canada, including bonus profits, $9,417.30 328,658*58 

Net amount of policies in force at 31st December, 1892 59,054,278 72 



*Being half credit debts. 



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LIVE INSURANCE COMPANIES. 181 

CANADA LIFE— Continued. 

Number and amount of policies terminated during the year, 
not including bonus additions : — 

No. Amount. 

1. By death ; 307 $ 682,320 44 

2. By maturity 41 58,300 00 

3. By expiry 2 3,000 00 

4. By surrender • 257 499,614 50 

(For which cash value has been paid, $69,751.90.) 

5. By surrender, $257,600. 

(For which paid-up policies have been granted to 
amount of $65,620.) 
Difference of amounts carried out 191,980 00 

6. By lapSe 628 1,386,700 00 

Total 1,235 $ 2,821,914 94 



No. 
Policies in force at beginniug of year (not including bonus 

profits, $3,090,116.89) 26,484 

Policies issued during the year 2,582 

Policies revived during the year 79 

Policies terminated as above and by change for paid-up pol- 
icies 1,325 

Policies terminated otherwise, being not taken policies of this 

year as well as those of previous years, returned by agents 238 
Gross policies in force at date of statement (not including 

bonus profits, $2,915,301.10) : 27,772 



Amount. 

$53,128,201 14 

6,201,011 00 

208,000 00 

2,887,534 94 

843,320 00 

56,467,636 20 



Bonuses in force at 31st December, 1891 $ 3,090,116 89 

Bonuses revived and changed 6,909 39 



$ 3,097,026 28 



Bonuses terminated : — 

Bydeath 8 78,333 19 

By matured endowments 6,494 47 

By free policies. 6,517 90 

Bylapee 16,40164 

Bychange 61,319 21 

Surrendered 12,658 77 



181,725 18 



Bonuses in force on 31st December, 1892J $ 2,915,301 10 



Number of insured lives at beginning of year 

Number of new insurers during the year 

Number of deaths during the year among insured 

Number of insured whose policies have oeen terminated during the 

year, otherwise than bydeath 

Number of insured lives at date of statement 



19,563 

2,062 

232 

898 
20,495 



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182 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

CANADA LIFE— Concluded. 

Business Done Outside of Canada. 

(Included in above Statement.) 

ASSETS. 

Gross premiums due and uncollected on policies in force $ 14,586 24 

Gross deferred premiums on same 4,409 77 

Total outstanding and deferred premiums $ 18.9% 01 

Deduct cost of collection, at 10 per cent 1,899 60 

Net outstanding and deferred premiums $ 17,096 41 

LIABILITIES. 

Claims for death losses and matured endowments outstanding at 31st 
December, 1892 Nil. 

INCOME. 

Premiums received during the year ending 31st December, 1892 $ 72,935 86 

EXPENDITURE. 

Payment for death claims and matured endowments during the year 

ending 31st December, 1892 S 12,500 00 

MISCELLANEOUS. 

No. Amount 

Number of new policies reported during the year as taken in 

other countries 223 

Amount of said policies , $ 850,450 00 

Number of policies become claims 6 

Amount of said claims 12,500 00 

Number of policies in force in other countries at date 774 

Amount of said policies . 8 2,154,073 00 

Amount of said policies reinsured in other licensed companies in 

Canada 117,999 96 



Net amount of policies in force at 31st December, 1892 _.,^ 2,036,073 04 

Number and amountof policies terminated during the year in other countries : — 

No. Amount. 

1. By death 6 $ 12,500 00 

2. By surrender 94,000.00 ; for which paid up policies have 

been granted to the amount of $191; difference of 

amounts carried out 3,809 00 

3. By lapse 68 148,700 00 

4. By transfer 2 5,000 00 

Total _76 $ 170,009 00 

Policies in force at 31st December, 1891 ,... 527 $1,473,823 00 

Policies issued during the year 223 850,450 00 

Policies terminated as above and by change to paid-up policies. 76 170,200 00 

Policies in force at date of statement... 774 2,15 4,073 00 

Subscribed and sworn to, 27th February, 1893, by 

A. G. EAMSAY, 

President. 
E. HILLS, 
(Received, 28th February, 1893.) Secretary. 



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LIFE INSURANCE COMPANIES. 183 

THE CITIZENS' INSURANCE COMPANY OP CANADA. 

Statement for the Year ending 31st December, 1892. 

President — Sir J. J. C. Abbott. 

Secretary-Treasurer — William Smith. | General Manager — E. P. Heaton. 

Principal Office — Montreal. 

(Incorporated by 27 and 28 Vic, cap. 98 ; assented to 30th June, 1864. Commenced 
business in Canada, 1st January, 1865.) 

CAPITAL. 

Amount of joint stock capital authorized $2,000,000 00 

Amount of joint stock capital subscribed for 806,395 00 

Amount paid up in cash 151,367 00 



{For List of shareholders, see Appendix.) 
FIKE AND ACCIDENT DEPARTMENTS. 

ASSETS. 

Value of real estate held by tbe company $ 598 25 

Loans secured by bond or mortgage on real estate 800 00 

Stocks and bonds held by the company, viz. : — 

Par value. Market value. 

Brantford gold bonds .$ 20,000 00 $ 20,000 00 

City of Vancouver 3,000 00 3,150 00 

Bonds deposited with Receiver-General, viz. : — 

City of Belleville 4£ p. c. bonds 53,000 00 54,590 00 

Sarnia 5 p.c. bonds 3,000 00 3,330 00 

Special account— Brantford gold bonds 5,000 00 5,000 00 

do City of Vancouver 7,000 00 7,350 00 

do Walkerton W. W. bonds 10,510 99 11,314 00 

Total par and market value 8 101,510J>9 3 104 , 734 00 

Carried oat at market value f 104,734 00 

Cash on hand at head office 481 63 

Interest accrued and unpaid on stocks 984 92 

Cash in Merchants Bank 1,424 34 

Agents' balances and premiums in course of collection, viz. : — 

Outstanding fire premiums : $ 4,636 35 

do accident premiums 4,879 49 

Due from Glasgow and London 28,780 41 

S 38 ,296 25 

38,296 25 

Bills receivable 221 50 

Sundry debtors 2,214 68 

Total gross assets $ 149,755 57 

Amount which should be deducted on account of bad or doubtful 

debts and securities 30,000 00 

Total net asset* 9 119,755 57 



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184 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

CITIZENS 1 — Continued. 

Liabilities. 

1. liabilities in canada. 

Fire Department, 

Net amount of losses resisted in suit (of previous year) $ 4,897 00 

Net amount of losses resisted, not in suit 923 00 



Total net amount of unsettled claims for losses in Canada $ 5,820 00 

Accident Department. 

Net amount of losses in Canada claimed but not adjusted (of which 

$1,240.00 was incurred in previous years) 1,898 79 

Total liability (for unsettled claims (in Fire and Accident Depart- 

ments in Canada) , $ 7,718 TO 

Loan from Merchants Bank 5,000 00 

Amount due to other companies 19,733 89 

Total liabilities in Canada $ 32,452 68 



2. LIABILITIES IN OTHER COUNTRIES. 

Fire Department. 

Net amount of losses claimed, but not adjusted .....$ 9,293 94 



Total amount of unsettled claims for fire losses in other countries $ 9,293 94 

Beserve of unearned premiums for all outstanding risks in other 

countries 10,385 52 



Total liabilities in other countries $ 19,679 46 



Total liability in all countries, exclusive of capital stock — fire and 

accident departments $ 52,132 14 

♦Capital stock paid up in cash and notes 151,367 00 

INCOME. 

(Fire Department.) 

Gross cash received for premiums $ 43,424 33 $ 41,691 66 

Deduct reinsurance, rebate, abatement and return-premiums. . 21,089 63 8,897 01 



Net cash received for said premiums $ 22,334 70 $ 32,794 66 

Total net cash received for premiums in all countries $ 55,129 35 

Beceived for interest and dividends 6,995 87 

Rents 1,814 09 

Commission recovered 47,246 30 

Total cash income $ 111,185 61 



* This capital is also liable to the life department. 

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LIFE INSURANCE COMPANIES. 185 

CITIZ EXS'— Continued. 

EXPENDITURE. 

( Fire Department) 

In Canada. &*£ 

Paid for losses occurring in previous years (which losses were 

estimated in the last statement at 837,938.46) $ 25,066 22 $ 19,041 13 

Less amount received for reinsurance 5,494 90 50 00 



Net amount paid for said losses g 19,571 32 8 18,991 13 

Paid for losses occurring during the year 3 14,860 33 $ 44,494 12 

Less amount received for reinsurance 5,910 17 



Net amount paid for said losses S 8,950 16 $ 44,494 12 

Total net amount paid during the year for fire losses $ 28,521 48 $ 63, 485 25 

Total net amount paid during the year for fire losses $ 92,006 73 

Salaries, fees, and other charges of officials , 7,770 97 

Paid for reinsuring outstanding Canadian fire risks 142,332 39 

Miscellaneous payments, viz. : — Inspection expenses, $472.41 ; law 
costs, $421.84; commercial agencies, $100; advertising, $2,006.54; 
stationery and printing, $721.24 ; express, telegrams and ex- 
change, $315.88 ; postage, $32.65; rents, $323.34 ; Canadian Fire 
Underwriters' assessment, $10&; travelling expenses, $769.20 ; Mon- 
treal fire commission, $119; insurance superintendence, $110.17; 
sundry office expenses, $190.30; furniture, $12; maps and plans, 
$225.50; gas, water, &c, $142.71; municipal taxes, $112.94; 
special expenses re Guardian schedules, $1,093.06 7,277 78 

Total cash expenditure $ 249,387 87 

CASH ACCOUNT. 

9 cts. $ cts. 
Balance on hand and in bank at 31st 

December, 1891 49,864 27 Expenditure (fire and accident) 263,273 71 

Income (fire and accident) 116,49183 Investment 600 00 

Received from realization of investments '142,506 14 Borrowed money returned 46,125 00 

Borrowed during the year 5,000 00 Balance on hand and in bank, 31st Dec., 

Received from other sources. . . . I 325 00 1892 4,288 53 



* 314,187 24 8314,187 24 



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186 



DEPARTMENT OF FINANCE — INSURANCE BRANCH. 



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LIFE INSURANCE COMPANIES. 187 

CITIZENS— Continued. 

Total number of policies in force at date. (No return.) 

Total net amount in force — fire and accident departments $1,561,968 00 

Total premiums thereon 21,540 11 



ACCIDENT DEPARTMENT. 



INCOME. 



Gross cash received for premiums $ 9.299 23 

Less reinsurance and return-premiums 3,993 01 

Net premium income $ 5,306 22 

EXPENDITURE. 

Losses of previous years paid in 1891 (estimated in last statement at 

$2,744.84) $ 5,762 94 

Cash paid for losses occurring during the year (net) 5,484 97 

Commission 1,462 72 

Salaries, fees and other charges of officials ; 585 55 

Other expenses, viz.: — Law costs, $18; insurance superintendence, 
$19.24; travelling expenses, $25; rents. $93.50; express, tele- 
grams and exchange, $17.22; stationery and printing, $177.50; 
advertising, $40.50 ; sundry office expenses, $8.70 ; bonus to 
policy-holders, $190 589 66 

Total cash expenditure $ 13 ,885 84 

Subscribed and sworn to, 10th May, 1893, by 

ANDREW ALLAN, Vice-President. 
WILL I AM SMITH, Secretary-Treasurer. 
(Received, 12th May 1893.) 



LIFE DEPARTMENT. 



ASSETS AS PER LEDGER ACCOUNTS. 

Amount of loans made in cash to policy-holders on the company's 

policies assigned as collaterals $ 371 40 

Premium obligations on policies in force 236 04 

Stock and bonds in deposit with Receiver-General, viz. : — 

Par value. Market value. 

New Westminster 5 per cent bonds $ 34,000 00 $ 36,465 00 

Montreal Harbour 5 per cent bonds 2,000 00 2,300 00 

Canada Central Railway bonds, 6 per cent 5,840 00 6,745 20 

Montreal R. C. School Commissioners' bonds, 6 per cent. . 2,000 00 2,400 00 

do Protestant School Commissioners' bonds, 4 per cent 2,000 00 2,000 00 

Sarnia bonds, 5 per cent 1,000 00 1,116 40 

Brantford gold bonds, 4 per cent 8,233 00 8,233 00 

Three Rivers bonds, 5 per-eant 6,000 00 6,231 00 

Total par and market values 8 61,073 00 $ 65,490 60 

Carried out at market value 65,490 60 

Agents' ledger balances and advances to agents 27 18 

Bills receivable 400 50 

Total $ 66,525 72 

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188 DEPARTMENT OF FINANCE— INSURANCE BRANCH. 

CITIZENS 1 — Continued. 

OTHER ASSETS. 

Interest accrued , $ 1,175 29 

Gross premiums due and uncollected on policies in force $ 2,429 74 

Deduct cost of collection, at 10 per cent 242 97 

Net outstanding and deferred premiums 2,186 77 

Total assets $ 69,887 78 

Amount which should be deducted on account of bad or doubtful debts 
and securities: — 

From bills receivable $ 400 60 

do agents' balances 27 18 

do outstanding premiums 2,186 77 

2,614 45 

Net assets, life branch $ 67,273 33 

LIABILITIES. 

Due on account of loans $ 118,953 07 

Sundry 264 15 

Total liabilities life branch $ 119,21 7 22 

INCOME DURING THE TEAR. 

Net cash received for premiums $ 50 00 

Total income, life branch , $ 50 00 

EXPENDITURE DURING THE TEAR. 

Gash paid for surrendered policies ~$ 84 24 

Cash paid for interest 2,296 87 

Gash paid for reinsurance 2,235 40 

Miscellaneous payments, viz. : — 

Law expenses, $10; advertising, $51.40; medical fees, $10; 

Dominion Government assessment, $3.05 74 45 

Total expenditure, life branch .' $ 4,690 96 

MISCELLANEOUS. 

Number of policies in force in Canada at date 71 

Amount of said policies .•••:■• 48,885 00 

Deduct amount of said policies reinsured in other licensed companies in 

Canada 48,885 00 

Net amount in force, 31st December, 1892 , Nil. 

Number and amount of policies terminated during the year in Canada: 

No. Amount. 

1. By surrender 1 $ 1,000 00 

(For which cash value has been paid, $84.24) 

Total 1^ $ 1,000 00 

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LIFE INSURANCE COMPANIES. 189 

CITIZENS'— Concluded. 

No. Amount. 
PolieieB in force at beginning of year (including bonus addi- 
tions) 118 $ 97,000 00 

Policies revived during the year 1 1,000 00 

Policies terminated as above (including bonus additions) 1 1,000 00 

Policies rewritten by the Sun Life Assurance Company 47 48,115 00 

Policies in force at date of statement (all reinsured) 71 48,885 00 

Number of insured lives No return. 

Subscribed and sworn to, 10th May, 1893, by 

ANDREW ALLAN, 

Vice-President 
WILLIAM SMITH, 
(Received, 12th May, 1893.) Secretary-Treasurer. 



The following is a statement for the whole business of the company, embracing 
the fire, accident and life branches : — 

assets. 

Fire and accident $ 119,755 57 

Life 67,273 33 

Total assets $ 187,028 90 

LIABILITIES. 

Fire and accident $ 52,132 14 

Life 119,217 22 

Total liabilities (except paid-up capital) i 171,349 36 

Capital stock paid up in cash and notes $ 151,367 00 

INCOME, 

Fire $ 111,185 61 

Accident t 5,306 22 

Life 50 00 

Total cash income 9 116,541 83 

EXPENDITURE. 

Fire $ 249,387 87 

Accident 13,885 84 

Life 4,690 96 

Total cash expenditure $ 267,964 67 



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190 DEPARTMENT OP PINANCE — INSURANCE BRANCH. 

THE COMMEECIAL UNION ASSUBANCE COMPANY (LIMITED). 



Statement por the Ye±r ending 31st December, 1892. 

Chairman — Jeremiah Coleman. | Secretary — Henry Mann. 

Principal Office — 19 and 20 Cornhill, London, England. 

Agents in Canada — Evans & McGregor, | Head Office in Canada — Montreal. 

(Incorporated, 28th September, 1861. Commenced business in Canada, 11th 

September, 1863.) 



capital. 



Amount of capital authorized and subscribed for £2,500,000 etg. 

Amount paid up in cash 250,000 " 



ASSETS IN CANADA. 

(Specially Life Department.) 

Amount secured by way of loans on real estate in Canada — first liens. $ 60,833 33 

Amount of loans made to Canadian policy-holders on the company's 
policies assigned as collaterals (of this amount 91,953.34 is on 
policies issued subsequent to 31st March, 1878) 9,806 63 

Premium obligations on Canadian policies in force (of this amount, 

$1,676.71 is on policies issued subsequent to 31st March, 1878).... 8,041 38 

Deposited with Eeceiver-General : — 

Par value. Market value. 

Cape of Good Hope stock, 4 i*r cent stock $ 107,066 67 $ 113,491 00 

Canada 4 i>er cent stock 29,200 00 30,952 00 

$ 136,266 67 $ 144,443 00 

Carried out at Market value 144,443 00 

Cash at head office in Canada *.... 349 73 

Cash in banks, viz. : — 

Bank of Montreal, Montreal, current account $ 3,330 74 

do do special dei>osit 1,000 00 

Bank of Toronto, social deposit 1,000 00 

Total cash in banks 5,330 74 

Interest accrued 488 41 

Gross premiums due and uncollected on Canadian ]x>licieB in force $ 4,621 06 

Gross deferred premiums on same 2,106 22 

Total outstanding and deferred premiums 8 6,727 28 

Deduct cost of collection, at 10 per cent. 672 72 

Net outstanding and deferred premiums (of this amount $2,766.09 is 

on policies issued subsequent to 31st March, 1878) 6,054 56 

Total assets in Canada $ 235,347 78 



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LIFE INSURANCE COMPANIES. 191 

COMMERCIAL UNION— Continued. 

LIABILITIES IN CANADA — LIFE DEPARTMENT. 

Under Policies issued previous to 31st March, 1878. 

♦Amount computed to cover the net reserve or reinsurance value of 

all outstanding policies in Canada..... $ 175.063 73 

Claims for death losses adjusted but not due Nil. 

Total liabilities to said policy-holders in Canada $ 175,063 73 

Under Policies issued subsequent to 3lst March, 1878. 

♦Amount computed to cover the net reserve on all outstanding policies 

in Canada $ 34,470 60 

Claims for death losses adjusted but not due Nil. 

Total net liabilities to said policy-holders in Canada $ 34,470 60 

Total net liabilities to all policy-holders in Canada $ 209,534 33 

INCOME IN CANADA. 

Gross amount of premiums received in cash during the year on life 

policies in Canada.. $ 20,274 93 

Premium obligations taken in part payment of premiums in Canada... 70 15 

Total premium income $ 20,345 08 

Interest on first mortgage loan 2,720 35 

Interest on policy loans and fines for extension 698 26 

Total income in Canada $ 23,763 69 

EXPENDITURE IN CANADA. 

Amount paid on account of death claims (including bonus additions, 

$9,131.79, and amount accrued in previous year, $2,433.33) $ 45,145 10 

Cash paid for matured endowments (including bonus additions, 

$1,003.01) 4,409 67 

Amount paid for surrendered policies 37 65 

Total net amount paid to policy-holders in Canada $ 49,592 42 

Cash paid for commissions, &c 2,022 68 

Cash paid for taxes, licenses, fees or fines 50 00 

Miscellaneous payments, viz. : — Medical fees, $107.50 ; legal charges, 

$114; stationery, $34.31; insurance superintendence, $10.65 266 46 

Total expenditure in Canada $ 51,931 56 

PREMIUM NOTE ACCOUNT. 

Premium obligations on hand at commencement of year $ 7,971 23 

do received during the year.... , 70 15 

Balance — note assets at end of year '. $ 8,041 38 



* Institute of Actuaries 9 H. M. Table, 4£ per cent interest. 

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192 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

COMMERCIAL VmOTX-Continued. 

MISCELLANEOUS. 

Number of new policies reported during the year as taken in 

Canada 8 

Amount of 6aid policies $ 8,000 00 

Number of policies become claims in Canada during the year ... 9 

Amount of said claims (including bonus additions, $10,134.80). 47,121 44 

Number of policies in force in Canada at date 309 

Amount of said policies $ 601,927 37 

Add bonus additions 73,265 30 

Net amount in force at 31st December, 1892 675,192 67 

Number of policies terminated during the year in Canada, viz. : — 

No. Amount. 

1. By death (inclusive of bonuses, $9,131.79) >. 6 $ 42,711 77 

2. By maturity (inclusive of bonuses, $1,003.01) 3 4,409 67 

3. By lapse 7 7,716 66 

Total (inclusive of bonuses, $10,134.80) 16 $ 54,838 10 

No. Amount. 

Policies in force at beginning of year (inclusive of bonuses 

$82,299.51) ..! ' 317 $ 720,930 18 

Policies issued during the year 8 8,000 00 

Interim bonuses on policies terminated by death 1,100 59 

Policies terminated as above (inclusive of bonuses, $10,134.80). 16 54,838 10 
Policies in force at date of statement (inclusive of bonuses, 

$73,265.30) 309 675,102 67 

Number of insured lives at beginning of year 293 

Number of new insurers during the year 8 

Number of deaths during the year among insured. 4 

Number of insured whose policies have been terminated during 

the year otherwise than by death 9 

Number of insured lives at date of statement. 288 

DETAILS OF POLICIES ISSUED SINCE 31ST MARCH, 1878. 

No. Amount. 

Policies in force at beginning of year in Canada (inclusive of 

bonuses, $4,470.28) 127 $ 259,889 88 

v Policies issued during the year 8 8,000 00 

^Policies terminated as above 7 7,716 66 

Policies in force at date of statement (including bonuses, 

$4,470.28) 128 260,173 22 

Subscribed and sworn to, 28th February, 1893, by 

J. McGRKGOR, 
(Received, 1st March, 1893.) Joint Manager. 

General Business Statement for the Year ending 31st December, 1892. 

(Abstracted from the Director^ Report , London, Eng. } 3rd May , 1893.) 

life department. 

The new business of the year consisted of 694 policies assuring £579,791, and 
the new premiums included in the account amounted to £21,096. 
The claims by death, £90,960, were within the amount expected. 

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LITE INSURANCE COMPANIES. 

COMMERCIAL UNION— Concluded. 



19a 



The excess of income over expenditure was £916,430, and thus increased the 
life fund to £1,468,657. 

The sixth quinquennial valuation has resulted in the satisfactory divisible surplus 
of £202,515, of which the .sum of £41,666 belongs to the shareholders (including 
their proportion in respect of interim bonuses), and the balance of £160,849 to the 
policy-holders, as compared with the respective amounts of £30,057 and £120,228 at 
the preceding distribution. 



Revenue Account from 1st Januaby to 31st December, 1892. 

Dr. Cr. 



To amount of life assurance fund at 

the beginning of the year 1,372,227 3 

New premiums.. £ 21,096 10 1 
Renewal do . . 161,094 17 9 



£182,191 7 10 
Deduct reassur- 
ances. 22,735 19 6 



Premium for endowment certain. 

Consideration for 

annuities.... £ 1,833 19 1 
Deduct reassur- 
ances. 582 



Interest and dividends. 

Fines 

Profit on exchange 

Cash bonus on reassurance. 



159,455 8 4 
37 17 8 



By claims under policies (including 
bonus additions), after deduc- 
tion of sums reassured 

Endowment assurances matured . 

Surrenders 

Annuities 

Reduction of premiums by bonus. 

Commission 

Expenses of man- 
agement £11,046 3 9 

Valuation expenses 150 12 



1,251 19 1 

60,723 3 4 

256 7 8 

187 10 

165 12 9 

£1,594,305 1 11 



s. d. 



90,960 6 11 
3,551 2 4 
4,398 5 10 
2,462 15 8 
283 3 
7,895 2 9 



11,196 15 9 
34 18 3 



Bad debts 

Amount transferred to life invest- 
ment reserve fund 4,862 

Amount of life assurance fund at 
theendof the year 1,468,657 11 5 



£1,594,305 1 11 



Balance Sheet for the Year ending 31st December, 1892. 



Liabilities. 

Assurance fund 

Life investment reserve fund 

Claims outstanding 

Reassurance premiums due, but not 

paid 

Commission due but not paid 

Annuities due do .... 

Suspense account 

Interest received in advance of due 

dates 



Assets. 



s. d. 



1,468,657 11 5 Mortgages on property within the 

8,984 7 11 United Kingdom 

25,341 12 3 Mortgages on property out of the 

United Kingdom 

5,843 11 5 Mortgages on rates raised under 

2,568 19 9 Acts of Parliament 

121 12 7 Loans upon life interests and rever- 

152 13 3 sions 

Loans upon personal security 

4,097 8 1 Loans on the company's policies. . . 
Investments — 

Indian and colonial government 

securities 

Foreign government securities. 
Railway and other debentures 

and debenture stocks 

Railway and other preference 

stocks and shares 

Freehold ground rents 

Life policy purchased 

Branch and agency balances 

Outstanding premiums 

do interest 

Cash— On deposit £37,476 9 1 

With bankers 
and in hand. 15,341 11 3 



£ s. d. 

701,937 9 3 

155,422 10 11 

95,900 3 9 

233,000 

3,060 

43,558 9 1 



61,864 7 6 

2,000 

63,094 3 2 

40,991 7 10 

14,689 1 7 

1,439 15 2 

28,612 2 11 

11,629 4 5 

5,751 9 



£1,515,767 16 8 



52,818 4 
£1,515,767 16 8 



4—13 



(For General Balance Sheet see Fire Statement.) 

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\ 

194 DEPARTMENT OF FINANCES-INSURANCE BRANCH. 

THE CONFEDERATION LIFE ASSOCIATION. 



Statement for the Year ending 31st December, 1892. 

and At 

J. K. Macdonald. 



President — 
Hon. Sir Wm. P. Howland, C.B., K.C.M.G, 



Managing Director and_Aaent — 
.. Mac 



Head Office— Toronto. 

(Incorporated, 14th April, 1871. Commenced business in Canada, 31st October, 

1871.) 



CAPITAL. 



Amount of capital authorized and subscribed for $1,000,000 00 

Amount paid up in cash 100,000 00 



(For List of Stockholders see Appendix.) 



ASSETS AS PER LEDGER ACCOUNTS. 

Value in account of real estate held by the company $ 914,473 70 

Amount secured by way of loans on real estate by bond or mortgage, 

first liens 2,098,483 61 

Amount of loans secured by bonds, stocks or other marketable col- 
laterals, viz.: 57,592 79 

o* i No. of -r> „-i,.- Market Amount of 

Stock - Shares, lvalue. va lue. Loan. 

Ontario Industrial Loan Co 57 $ 3,420 00 $ 3,693 60 $ 3,000 00 

Western Canada Loan Co 75 3,750 00 6,562 50 ^| 

do do 220 2,750 00 4,537 50 I 

Freehold Loan Co 57 5,700 00 7,866 00 [ 18,766 83 

do 59 1,180 00 1,510 40 | 

WeBtern Assurance Co 100 2,000 00 3,250 00 J 

Standard Bank 100 5,000 00 8,175001 1791447 

Imperial Bank 66 6,600 00 12,11100/ «,HU 47 

Bank of Commerce. 30 1,500 00 2,167 50 1,559 65 

Ontario Bank 26 2,600 00 3,016 00 115 40 

County of York Debentures 10,777 44 10,777 44 

Ontario Industrial Loan Co 99 5,940 00 6,415 20 4,841 00 

do do 12 720 00 777 60 618 00 

$70,859 74 $57,592 79 



Amount of loans as above on which interest has not been paid within 
one year previous to statement $153,276 15 

Amount of loans made in cash to policy-holders on the company's 

policies assigned as collaterals 327,662 69 



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LIFE INSURANCE COMPANIES. 195 

CONFEDERATION LIFE— Continued. 

Stocks, bonds and debentures owned by the company, viz. : — 

Par value. 

City of New Westminster, B.C $200,000 00 

do Hamilton 2,400 00 

Town of North Toronto 1,200 00 

do Toronto Junction 40,861 15 

do Neepawa 19,500 00 

do Belleville., 5,000 00 

do Port Arthur 17,000 00 

Village of Yorkville 2,190 00 

Township of York 10,749 58 

do Muskoka 1,200 00 

do Assiginack 800 00 

do Howard. 500 00 

Town of Ridgetown 8,654 00 

do Cobourg 5,000 00 

do Orillia 5,400 00 

Rosedale, Turtle Mountain 1,000 00 

City of Brandon 28,500 00 

Village of Aurora 22,852 78 

do Markham 3,971 41 

Township of Scugog 299 00 

City of Vancouver. 20,000 00 

Village of London West 5,000 00 

do Kincardine 3,500 00 

do Wawanesa , 1,200 00 

City of St. John, N.B 34,500 00 

Township of New Glasgow, N.S 25,000 00 

Total par value $ 456,267 87 

Premiums paid on the above 5,716 70 



Carried out at cost value $ 461,984 57 

Government 5 per cent stock, par value, and savings bank deposit 4,824 70 

Cash at bead office 213 08 

Cash in hand, viz.: — 

Bank of British Columbia, New Westminster $ 2,225 48 

do do Vancouver 4,263 74 

Imperial Bank, Winnipeg 3,355 64 

do do special account 279 28 

Merchants' Bank, Halifax 938 89 

Ontario Bank, Toronto » 2,571 32 

Bank of New Brunswick 956 25 

Maritime Province, special bank account . . 2,000 00 



16,590 60 



Total $3,881,825 74 

OTHER ASSETS. 

Interestdue * 44,84121 

do accrued 50,330 16 



Total 95,171 37 

R*nts due $ 570 70 

do accrued 684 34 



Total 1,255 04 

Gross premiums due and uncollected on policies in force $ 101,972 75 

Gross deferred premiums on same 34,747 43 



lection, at 10 per cent 13,672 00 



Total outstanding 
Itednct cost of coll 

Net outstanding and deferred premiums 123,048 18 

Furniture 4,912 29 

Fire premiums 4,490 51 

4— 13| 

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196 I DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

CONFEDERATION LIFE— Continued. 

Advances to travelling agonts to cover expenses 1,907 50 

Advances to employees, secured by salary or commission .* 2,433 27 

Sundry current accounts 126 70 

Total assets .$4.115,170 60 

LIABILITIES. 

* Amount computed to cover the net present value of all policies and annui- 
ties in force $3,629,658 00 

Deduct net value of policies reinsured in other companies 31,858 00 

Total net reinsurance reserve $3,597,800 00 

Lapsed policies liable for restoration or surrender r 2,960 00 

Slaims for death losses due and unpaid (accrued in previous years) $ 2,848 63 
laims for death losses unadjusted out not resisted 20,668 00 

Total death claims 23,516 63 

Due on account of general expenses 7,474 00 

Dividend to policy-holders, due and unpaid 2,228 83 

Amount of dividends to stockholders due and unpaid 7,500 00 

Liability on account of dividends applied to reduce future premiums... 46,010 99 

Bank of Commerce overdraft 34,225 97 

Sundry 31 00 

Total liabilities $3,721,747 42 

Surplus on policy-holders' account $ 393,423 18 

Capital stock paid up 100,000 00 

Surplus above all liabilities and capital $ 293,423 18 

INCOME DURING THE TEAR. 

Cash received for premiums $ 682,435 63 

Premiums paid by dividends 33.612 61 

Cash received for annuities r 5,411 75 

Total $ 721,459~99 

Deduct premiums paid to other companies for reinsurance 4,481 32 

Total premium income $ 716,978 67 

Eeceived for interest 148,496 26 

Kents.. 12,036 11 

Total income ; $ 877,511 04 

EXPENDITURE DURING THE YEAR. 

Cash paid for deafch losses (including bonus additions, $1,395) $ 168,980 14 

do matured endowments (including bonus additions, $877) 17,737 00 

Net amount paid for death claims and matured endowments $ 186,717 14 

(Of this amount $15,897.14 death claims accrued in previous years.) 

Cash paid to annuitants (including $26,621.59 for temporary annuities) 29,994 49 

Cash paid for surrendered policies *... 27,024 65 

Cash dividends paid to policy-holders 32,176 54 

Cash dividends applied in payment of premiums 33,612 61 

Cash paid to stockholders for interest or dividends 15,216 42 

•Reserve at 4£ per cent based on Table of Institute of Actuaries', G.B., for policies. 

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LIFE INSURANCE COMPANIESi 197 

CONFEDERATION LIFE- Continued. 

Commissions, salaries and other expenses of officials 135,621 95 

Taxes, licenses, fees or fines 1,640 16 

Rent 6,104 60 

Other expenditure, viz. : — Insurance superintendence, $363.43 ; solici- 
tors' fees, $2,535.49 ; postage, $3,019. 17; agency expenses, $352.79; 
medical expenses, $7,364.50 ; general expenses, $3,797.60 ; printing, 
stationery and advertising, $11,506.31; insurance literature, 
$486.74; commission on loans, $1,109; written off office furniture, 
$545.80 31,580 83 

Total expenditure $ 499,689 39 



' MISCELLANEOUS. 

Number of new policies reported during the year as taken in 

Canada 2,182 

Amount of said nolicies . $3,509,173 00 

Amount of said policies reinsured in other licensed companies 

in Canada 18,000 00 

Number of policies become claims during the year 122 

Amount of said claims (iucluding matured endowments, $17,737) 191,488 00 

Number of policies in force in Canada 14,674 

Amount of said policies $22,417,963 00 

Bonus additions : 147,789 00 

Total 822,665,752 00 

Amount of said policies reinsured in other licensed companies in Canada 

(including $1,437.50 bonus additions) 136,841 00 

Net amount of policies in force on 31st December, 1892 22,428,911 00 

Number and amount of policies terminated during the year in 
Canada (exclusive of bonus additions) : 

1. By death (not including bonus additions, ($1,423). ... 

2. By maturity (not including bonus additions, ($877). 

3. By expiry 

4. By surrender 

(For which cash value has been paid, $27,024.65). 

5. By surrender, $91,500. 

(For which paid-up policies have been granted to 
amount of $22,141/) 
Difference of amounts carried out 69,359 00 

6. By lapse 556 911,396 00 

Total 848 $ 1,490,620 00 



No. 


Amount. 


106 $ 


172,328 00 


16 


16,860 00 


27 


63,000 00 


143 


257,677 00 



No. Amount. 

Policies in force at beginning of year (excluding bonuses)... 13,379 $ 20,456,090 00 

Policies issued during the year 2,263 3,596,550 00 

Policies revived during the year 33 53,500 00 

Policies terminated as above..,, 848 1,490,620 00 

Policies not taken, and cancelled 153 197,557 00 

Grosspolicies in force at date of statement (excluding bonuses) 14,674 22,417,963 00 



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198 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

CONFEDERATION LIFE— Concluded. 

EXHIBIT OF BONUSES. 

Bonuses in force 1st January, 1892 : € 131,040 00 

Added during the year 22,623 00 

€ 153,663 00 
Bonuses terminated : — 

By death $ 1,423 00 

By surrender 3,548 00 

By maturity 877 00 

By lapse. 26 00 

Total terminated 5,874 00 



Bonuses in force 31st December, 1892 $ 147,789 00 

Number of insured lives at beginning of year 11,724 

Number of new insurers during the year (including 28 restored) 2,081 

Number of deaths during the year among insured y 86 

Number of insured whose policies have been terminated during thf year 

otherwise than by death 805 

Number of insured lives at date of statement , 12,914 



Subscribed and sworn to, 27th February, 1893, by 

W. P. HOWLAND, 

President. 
W. C. MACDONALD, 

Actuary. 

(Received, 1st March, 1893.) 



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LIFE IN8URAN0E COMPANIES. 199 

CONNECTICUT MUTUAL LIFE INSURANCE COMPANY. 



Statement fob the Year ending 31st December, 1892. 
President — Jacob L. Greene. | Secretary — Edward M. Bunoe. 

Principal Office— Hartford, Conn., U.S. 
Agent in Canada — Frederick W. Evans. | Head Office in Canada — Montreal. 

(Incorporated, 15th Jane, 1846. Commenced business, 15th December, 1846. 
Licensed in Canada, 1st August, 1868.) 



(No capital.) 



ASSETS IN CANADA. 



U. S. registered 6 per cent bonds of 1898, held in deposit by Receiver- 

General * 100,000 00 



LIABILITIES IN CANADA. 



♦Amount estimated to cover the net reserve on all outstanding policies 

in Canada S 900,000 00 

INCOME IN CANADA. 

Amount of premiums received in cash during the year on life policies 

in Canada $ 28,528 86 

Premiums paid by dividends, including reconverted additions 18,910 51 

Total premium income $ 47,439 37 

EXPENDITURE IN CANADA. 

Amount paid during the year on claims in Canada — 

On account of death claims. $ 68,884 00 

do matured endowments 23,366 00 

Net amount paid on account of claims 9 82,240 00 

Cash dividends applied in payment of premiums * 18,910 51 

Total net amount paid to policy-holders in Canada $ 101,150 51 

Cash paid for commission, &c 



Total expenditure in Canada. 



MISCELLANEOUS. 

Number of policies become claims in Canada during the year 45 

Amount of said claims $ 82,240 00 

Number of policies in force in Canada at date 1,115 

Amount of said policies 2,106, 820 00 

* Combined Experience Table with 4 per cent interest. 

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200 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

CONNECTICUT MUTUAL LIFE— Continued. 
Number and amounM policies terminated during the year in Canada — 

No. Amount. 

1. By death 26 $ 58,884 00 

2. By maturity 19 23,356 00 

3. By surrender, lapse and change of residence 27 63,125 00 

Total 72 $ 145,365 00 

No. Amount 

Policies in force at beginning of year in Canada 1,187 $2,252,185 00 

Policies terminated as above a 72 145,365 00 

Policies in force at date of statement : 1.115 2,106,820 00 



No return of number of insured lives. 



Subscribed and sworn to, 14th March, 1893, by 

FEED. W. EVANS, 

Chief Agent. 
(Received, 15th March, 1893.) 



General Business Statement for the Tear ending 3 1st December, 1892. 
(As returned to the Insurance Department, State of Connecticut) 

INCOME DURING THE TEAR 1892. 

Total premium income $4,622,203 33 

Cash received for interest 2,866,817 03 

Cash received as discount on endowment claims paid in advance 4.364 75 

Cash received for rents 296,888 91 

Balance of profit and loss account < 94,642 71 

Total income ^b^^J^ 

DISBURSEMENTS DURING THE YEAR 1892. 

Total amount paid for losses and matured endowments $4,168,182 75 

Cash paid for surrendered policies 325,838 94 

Premium notes, loans or liens used in purchase of surrendered policies 

and voided by lapse 15,990 01 

Cash surrender values applied in payment of premiums 223,489 94 

Dividends to policy holders 1,223,598 14 

Commissions to agents 354,262 34 

Cash paid for travelling expenses 22,735 17 

Cash paid for medical examiners 1 fees 25,421 53 

Salaries 138,003 17 

Taxes 300,160 49 

Rent 7,374 99 

Advertising 44,814 52 

All other payments and expenditures 205,443 88 

Total disbursements $7,055,315 87 

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LIFE IN8UBANCE COMPANIES. 201 

CONNECTICUT MUTUAL LIFE— Concluded. 

ASSETS. 

Cost value of real estate exclusive of all encumbrances $ 6,791,381 01 

Loans on bond and mortgage 36,444,759 02 

Loans secured by bonds stocks or other marketable collaterals 38,282 50 

Premium notes loans or liens on policies in force 1,454,376 04 

Cost value of bonds and stocks owned 12,967,637 43 

Cash deposited in banks 1,340,007 99 

Bills receivable 951 75 

Total net or ledger assets € 59,037,395 74 

OTHER AS8ETS. 

Interest due and accrued 947,536 91 

Rents due and accrued 7,041 91 

Market value of bonds or stocks over cost. 603,136 07 

Net amount of uncollected and deterred premiums 166,439 *16 

Total assets $ 6 0,761,54 9 89 

LIABILITIES. 

Net reinsurance reserve $ 53,307,047 00 

Total policy claims 205,414 50 

Dividends or profits due policy-holders remaining unpaid 402,532 67 

Reserve on lapsed policies 278,514 00 

Premiums paid in advance 32,387 84 

Death claims presented in 1893 on account of deaths occuring in 1892 108,724 00 

Total liabilities $ 54,334,620 01 

Gross Burpluson policy-holders 1 account $ 6,426,929 88 

BISKS AND PREMIUMS. 

Number of policies in force at the boginning of the year 64,794 

Amount of said policies $155,043,055 00 

Number of new policies issued during the year 4,363 

Amount of said policies .^ 12,132,574 00 

Number of policies terminated during the year 3,655 

Amount of said policies 9,597,577 00 

Number of policies in force at end of rear 65,557 

Amount of said policies ." 157,737,302 00 



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202 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE DOMINION LIFE ASSUKANCE COMPANY. 



Statement for the Year ending 31st December, 1892. 

President— James Innes, M.P. I Managing Director and Agent— 

Vice-President — Chr. Kumpf. | Thomas Hilliard. 

Principal Office — Waterloo, Ont. 

(Incorporated, 20th March, 1889; organized, 4th July, 1889. Commenced business 

in Canada, 12th July, 1889.) 



capital. 



Amount of joint stock capital authorized $1,000,000 00 

Amount subscribed for 261,600 00 

Amount paid up in cash 64,400 00 

( For List of Stockholders, see Appendix.) 



ASSETS AS PER LEDGER ACCOUNTS. 

Amount secured by way of loans on real estate, by bond or mortgage, 

first liens $ 17,250 00 

Amount of loans as above on which interest has not been paid within one 

year previous to statement $ 12 00 

Amount of loans made to policy -holders on the Company's policies, 

assigned as collaterals 90 00 

Stocks and bonds owned by the Company, viz. : — 

Par value. Market value. 

Village of LucanbondB * 7,000 00 $ 7,270 00 

Town of Port Arthur bonds 10,000 00 11,009 00 

Village of Acton bonds. 3,000 00 3,136 80 

Town of Sault Ste. Marie bonds 8,500 00 8,77* 00 

City of St. Catharines bonds 10,220 00 9,736 69 

Township of Rat Portage bonds 10,212 00 10,833 72 

do Brantford bonds 4,415 00 4,853 00 

Village of New Hamburg bonds 4,719 85 5,189 85 

Township of Flos bonds 4,473 11 5,018 86 

do Medonte bonds 2,370 58 2,426 39 

Town of Aylmer bonds 700 00 706 00 

do Seaforth bonds 3,500 00 3,682 00 



"Total par and market values $ 69,110 54 $ 72,634 31 



Carried out at market value 72,634 31 

Cash at head office 104 33 

Cash in Molsons Bank 140 01 

Molsons Bank deposit receipts 9,500 00 

Agents' ledger balances and advances to agents 941 24 

Total * 100,659 89 



*AU deposited with the Receiver-General, with the exception of township of Rat Portage bonds, 
$10,212; township of Brantford bonds, $687; village of New Hamburg bonds, $436.40; township of 
Flos bonds, $641.30 ; township of Medonte bonds, $881.33 ; town of Aylmer bonds, $300. 



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LIFE IN8URAN0E COMPANIES. 203 

THE DOMINION LIFE— Continued. 

OTHER ASSETS. 

Interest due. $ 72 00 

Interest accrued 1,765 67 



Total carried out $ 1,837 6T 

Short date notes for premiums on policies in force $ 4,085 04 

Gross Dremiums due and uncollected on policies in force 3,045 22 

Gross deferred premiums on same . 788 66 

Total outstanding and deferred premiums $ 7,918 92 

Deduct cost of collection, at 10 per cent. 791 89 

Net outstanding and deferred premiums 7,127 03 

Office furniture 550 94 



Total assets $ 110,175 53 



LIABILITIES. 

* Amount computed to cover the net present value of all policies in force $ 46,486 98 

Deduct value of policies reinsured in other companies 25 05 

Net reinsurance reserve $ 46,411 93 

Due on account of general expenses 600 00 

Total liabilities $ 47,011 93 



Surplus on policy-holders' account $ 63,163 60 

Capital stock paid up 64,400 00 



INCOME DURING THE TEAR. 

Cash received forpremiums $ 30,272 38 

Deduct premiums paid to other companies for reinsurance 81 20 

Net premium income ■..■ $ 30,191 18 

Received for interest or dividends 4,434 32 

Total income 34,625 50 



EXPENDITURE DURING THE YEAR. 

Cash paid for death claims ($1,000 of which accrued in 1891) $ 5,000 00 

Ca*h paid for surrendered policies 297 81 

Cash paid for commissions, salaries and other expenses of officials 10,704 09 

Taxes, licenses, fees or fines 116 88 

Sundry expenditure, viz. : — Postage, $157.82 ; express and petty charges, 
$14.28 ; travelling expenses, $566.69 ; bank charges. $14.96 ; 
medical fees, $1,413.80; printing and advertising, $856.19 ; books 
and stationery, $121.67 ; legal expenses, $125.52 ; telegraph and 
telephone, $32.58 ; rent of head office and agents' offices, $380; 
expenses on loans, $15.90 ; written off office furniture, $61.21 3,760 62 

Total expenditure $ 19,879 34 

* Based on Institute of Actuaries' H.M. Table, with 4J per cent interest ; computed by the Department, 

■ 



204 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE DOMINION LIFE— Concluded. 

MISCELLANEOUS. 

Number of new policies reported during the year as taken in Canada, 417 

Amount of said policies % 517,000 00 

Number of policies become claims 4 

Amount of said claims 4,000 00 

Number of policies in force at date 840 

Amount of said policies ' $ 1,120,896 00 

' Amount of said policies reinsured in other licensed companies in Canada 5,000 00 

Net amount in force 31st December, 1892 1,115,896 00 



Number and N amount of policies terminated during the year in 
Canada : — 

No. Amount. 

1. By death 4 € 4,000 00 

2. By surrender 5 10,000 00 

(For which cash value has been paid, $297.81.) 

3. By surrender $22,000 00 

For whicb paid-up policies have been 
granted to amount of. 1,396 00 

Difference of amounts carried out 20,604 00 

4. By lapse 116 204,500 00 

Total J25 < 239, 104 00 

No. Amount 

Policies in force at beginning of year 548 $ 843,000 00 

Policies issued during the year 417 517,000 00 

Policies terminated as above ; 125 239,104 00 

Policies in force at date of statement 840 1,120,896 00 



Number of insured lives at beginning of year 538 

Number of new insurers during the year ; 408 

Number of deaths during the year among the insured 4 

Number of insured whose policies have been terminated during the year other- 
wise than by death 120 

Number of insured lives at date of statement 822 



Subscribed and sworn to, 11th February, 1893, by 



C. KUMPF, 

Vice-President 

THOMAS HILLIARD, 

Managing Director. 



(Eeceived, 13th February, 1893.) 



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LIFE INSURANCE COMPANIES. 205 

THE DOMINION SAFETY FUND LIFE ASSOCIATION. 



Statement for the Tear ending 31st December, 1892. 

President and Agent — J. De Wolfe Spurr. | Secretary — Charles Campbell . 

Head Office— St. John, N.B. 
(Incorporated., 25th March, 1881. Commenced business in Canada, 8th Jane, 1881.) 



Amount of capital authorized and subscribed for $ 120,00.0 00 

Amount paid up in cash 29,172 00 



(For Inst of SJiareholders, see Appendix.) 



ASSETS AS PER LEDGER ACCOUNTS. 

Amount of loans secured by bonds, stocks or other marketable 

collaterals $ 5,000 00 

Bonds and debentures held by the Association : — 

Par value. Market value. 

•Province of Nova Scotia bonds $ 19,000 00 $ 19,000 00 

♦Province of New Brunswick bonds 31,000 00 31,000 00 

St. John City 6 per cent bonds 3,000 00 3,170 00 

do 4 per cent bonds 5,500 00 5,362 50 

Musquash school bonds 30000 30000 

Total par and market value $ 58,800 00 $ 58,832 50 

Carried out at market value 58,832 50 

Agents 1 ledger balances 708 03 

Cash on hand at head office 115 98 

Cash in Bank of Montreal 5,105 75 

Bills receivable 2,600 00 



Total $ 72,362 26 

OTHER ASSETS. 

Interest accrued 880 24 

Office furniture 400 00 



Total assets $ 73,642 50 

LIABILITIES. 

Amount estimated to cover the present value of all policies in force, 

being one-eix*h of the net annual premiums $ 4,670 54 

To policy-holders on Safety Fund account 7,361 91 

Claims for death losses, resisted in suit (accrued in 1891) 7J000 00 

Premiums paid in advance 734 94 

Total liabilities $ 19,767 39 

Surplus on policy-holders' account $ 26,546 84 

Guarantee fund and capital stock paid up $ 29,172 00 

* Deposited with Receiver-General. 



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206 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

DOMINION SAFETY FUN D— Concluded. 

INCOME. 

Net premium income (including $1,207.12 from outside Canada) $ 34,768 12 

Interest on bonds and debentures 2,174 16 

Received for rent 192 52 

Total income $ 37,134 80 

EXPENDITURE. 

Paid for death claims $ 23,973 00 

Cash paid for reversionary bonuses 495 00 

Cash paid for commissions, salaries and other expenses of officials 2,593 40 

Cash paid for taxes, licenses, fees or fines 228 66 

Other expenditure, viz. : — 

Office expenses $ 915 52 

Stationery 29 01 

Postage /.. 334 98 

General expenses ( . . 45 00 

Printing/ \ . 78 25 

Advertising 102 20 

1,504 96 

Total expenditure $ 28,795 02 

MISCELLANEOUS. 

Number of policies reported as taken in Canada during the year. 32 

Amount of said policies $ 58,000 00 

Number of policies become claims in Canada during the year. ... 13 

Amount of said claims *. 24,468 00 

Number of policies in force in Canada at 31st December, 1892... 1,455 

Amount of said policies 1,737,000 00 

Number and amount of policies terminated during the year: — 

No. Amount. 

1. By death 13 * 20,000 00 

2. By lapse 167 238,000 00 

Total 180 $ 258,000 00 

Policies in force at beginning of year (including outside of 

Canada, $60,000.00) 1,599 $1,937,000 00 

Policies issued during the year 32 58,000 00 

Policies terminated as above 180 . 258,000 00 

Policies in force at date of statement 1,451 1,737,000 00 

Number of insured lives at beginning of year 1,213 

Number of new insurers during the year 32 

Number of deaths during year among insured 10 

Number of insured whose policies have been terminated other- 
wise than by death... 132 

Number of insured lives at date of statement 1,103 

Subscribed and sworn to, 26th January, 1893, by 

J. De WOLFE SPURB, 

President. 
CHARLES CAMPBELL, 
(Received, 28th January, 1893.) Secretary. 



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Lin IN8U&AN0K OOMPANIES. 207 

THE EDINBUfiGH LIFE ASSUBA1STCE COMPANY. 



Statement fob- the Tear ending 31st March, 1892. 
President — Sir G. G. Montgomery, Bart, | Manager — George M. Low, F.F.A. 

Principal Office — Edinburgh, Scotland. 

Agent in Canada — David Higgins. | Head Office in Canada — Toronto. 

(Established, 29th August, 1823. Commenced business in Canada, 1857.) 



capital. 

Amount of joint stock capital authorized and subscribed 

for £500,000 stg. $2,433,333 33 

*Amount paid up in cash 75.000 " 365,000 00 



ASSETS IN CANADA. 

Amount of loans made to Canadian policy-holders on the company's 

policies, assigned as collaterals $ 10,750 48 

Stocks and bonds in deposit with the Receiver-General : — t 

Par value. 

Gape of Good Hope 4 per cent inscribed stock $ 48,666 67 

Town of Belleville bonds 27,000 00 

Town of Whitby do 10,000 00 

Town of Owen Sound bonds 17,000 00 

Town of Listowel do 13,000 00 

Town of London East do 40,000 00 

Town of Stratford do 6,000 00 



Carried out at par value « 161,666 67 

Gash in Bank of British North America 3,360 80 

Gross premiums due and uncollected on policies in force $ 1,066 54 

Deduct cost of collection at 10 per cent 106 65 



Net outstanding premiums 959 89 

Interest due $ 195 36 

do accrued 149 20 



Total carried out 344 56 



Total assets in Canada $ 177.082 40 

LIABILITIES IN CANADA. 

Amount of claims on policies in Canada, due and unpaid $ l0,463 34 

t Amount computed to cover the net reserve on all outstanding policies 

in Canada 203,188 34 

Amount of dividends or bonuses to policy-holders, due and unpaid 1,942 04 

Total net liabilites to policy-holders in Canadff $ 215,593 72 

INCOME IN CANADA DURING THE TEAR. 

Net cash received for premiums , $ 9,878 79 

Interest on loans on policies 764 11 

Total income in Canada $ 10,642 90 

* Of this £75,000 now appearing as " paid up," £25,000 was added out of profits to the sum of £50,000 
originally paid up. 

+ Based on the Institute of Actuaries', H. M. Table with 4 per cent interest. 



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208 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

EDINBURGH LIFE— Continued. 

EXPENDITURE IN CANADA. 

Net amount paid on account of death claims in Canada (including 

bonuses, $429.97) $ 7,243 31 

Amount paid for surrendered policies 1,138 56 

Amount paid for surrendered bonuses 181 49 

Total net amount paid to policy-holders in Canada $ 8,563 36 

Cash paid for commission in Canada 812 27 

Cash paid for licenses or taxes in Canada 6 45 

Solicitors' fees 48 67 

Total expenditure in Canada $ 9,430 75 

MISCELLANEOUS. 

Number of policies become claims in Canada during the year 7 

Amount of said claims (including bonus additions, $2,842. 13) $ 20,118 80 

Number of policies in force in Canada at date 136 

Amount of aaid policies $ 320,984 06 

Bonus additions thereon 89,151 11 

Net amount in force at 31st March, 1892 410,135 17 



Number and amount of policies terminated during the year in Canada: — 

No. Amount. 

1. By death (including bonus additions, $2,842. 13) 7 $ 20,118 80 

2. By surrender (including bonus additions, $728.55) 1 3,648 55 

(For which cash value has been paid, $1,138.56). 

Total (including bonus additions, $3,570.68) 8 $ 23,767 35 



No. Amount 

Policies in force at beginning of year in Canada (including bonus 

additions, $61,290.37) 145 $ 405,391 10 

Septennial bonus additions 31st March, 1892 32,142 21 

Policies terminated as above (including bonua additions, 

$3,570.68) 8 23,767 35 

Policy transferred to head office (including bonus additions, 

$810.78) 1 3,630 78 

Policies in force at date of statement (including bonus additions, 

$89,151.12) 136 410,135 18 

1 ■ ■ 

Number of insured lives at beginning of year 136 

Number of deaths during the year among insured 7 

Number of insured whose policies have been terminated dtiring 

the year otherwise than by death 2 

Number of insured lives at date of statement *. 127 

Subscribed and sworn to, 30th January, 1893, by 

DAVID HIGGINS, 

Chief Agent 
(Received, 1st February, 1893.) 



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LIFE INSURANCE 00HPAN1ES. 209 

EDINBURGH LIFE— Continued. 
General Business Statement for the Year ending 31st March, 1892. 

(Abstracted from the Directors 1 Report, Edinburgh, Scotland, 5th July, 1892.) 

One thousand two hundred and fifty-nine policies were issued, assuring a total 
sum of £H22,911, whereof £78,470 was reassured with other offices. The premiums 
on those new policies amounted to £24,725, including £4,389 by single payments. 
The premiums on the above amount reassured were £2,698, including £590 by single 
payments. 

The not amount of new assurances retained at the cpmpany's own risk was 
£544,441, yielding in new premiums, £22,027, of which £3,799 was by single pay- 
ments. 

Thirty-six annuities were grantel, amounting to £2,515 0s. 2d. per annum. 
The purchase money received was £27,782 17s. Id. 

Twenty-eight annuitants died, relieving the company of £993 19s. lid. per 
annum. 

CLAIMS AND SURRENDERS. 

The claims by death and survivance amounted to £175,370 16s. 7d., after 
deducting the sums due upon reassurances. 

The sum of £8,906 os. 3d. was paid for the surrender of policies, and in com- 
mutation of bonus additions. The amount of assurance surrendered was remark- 
ably low, doubtless owing to the approach of the bonus division. 

INCOME AND FUNDS. 

The premium income, after deducting reassurance premiums, was £234,819 lis. 
Id., being £5,907 12s. 9d. more than in the preceding year. 

The interest and dividends on the invested funds amounted to £106,351 0s. 5d., 
being an increase of £3,471' 8s. 

The total income was £341,283 6s. 6d., exclusive of annuity purchase-money 
and profit on investments. 

The ordinary operations of the year left a balance of £121,844 16s. 9d. to be 
carried to the assurance and annuity fund. 

The directors, in connection with the septennial investigation of the company's 
affairs, thought it right to set aside £25,000 to form an Investments Reserve Fund. 
After deducting that sum and crediting £11,455 5s. 5d. as profit on investments, 
the assurance and annuity fund now amounts to £2,545,043 8s. lOd. 

Bevenue Account for the Year ending 3 1st March, 1892. 

1891, March 31.— £ s. d. £ s. d. 
Amount of funds at the beginning Claims under policies (after deduc- 

of thejear 2,537,933 8 8 tion of sums reassured) 175,370 16 7 

Premiums (less reassurance pre- Surrenders 8,906 8 3 

miums) 234,819 11 1 Annuities 25,055 3 1 

Consideration for annuities granted 27,782 17 1 Commission 10,782 8 10 

Interest and dividends 106,351 5 Expenses of management 20,92110 8 

Assignment and other fees. . . .. 112 15 Dividends to shareholders 9,000 

Profit on investments 11,455 5 5 Income tax 2,150 15 11 

1892, March 31.— Amount of funds 

at the end of the year 2,666,267 14 4 

£2,918,454 17 8 £2,918.454 17 8 



4—14 



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•210 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

EDINBUBGH LIFE— Concluded. 

Balance Sheet at 31st March, 1892. 

Liabilities. Assets. 

£ b. d. # £ b. d. 

Assurance and annuity fund 2,545,043 8 10 Mortgages on property within the 

Shareholders' capital paid up .. . 75,000 United Kingdom, viz.— 

Other funds — Mortgages of real property . . . 484,505 10 11 

Shareholders' reserve fund 21,224 5 6 Rent charges and annual rents. . . 386,865 10 10 

Investments reserve fund 25,000 Mortgages of life interests and 

reversions 366,380 3 9 

Total funds as per revenue Mortgages of the company's own 

account £2,666,267 14 4 shares 1,342 11 

Claims admitted but not yet paid*. 30,355 19 1 

Other sums owing by the company — £1,189,093 16 6 

Expenses of management not yet a Loans on the company's policies . . . 129,840 5 6 

paid* 1,975 0' Loans on policies with personal se- 

Sums deposited with the company curity 1,462 11 2 

to meet interests, etc 2,886 8 10 Loans on security of statutory assess- 
ments 21,843 11 8 

Investments — 
Colonial and provincial govern- 
ment securities. . 135,334 2 

Munici pal securities United King- 
dom) 5,008 6 8 

Municipal securities (Canada) 52,188 6 

Railway and other debentures and 

debenture stocks 544,199 15 2 

Deposits with colonial and other 

banks 260,000 

Railway stocks (preference and 

guaranteed) 91,650 9 3 

House property in Edinburgh, 
London, Dublin, Manchester, 

and Glasgow 116,075 7 3 

Company 'sown shares (purchased) 3,281 9 6 

Ground annuals and feu duties. . . 33,987 15 11 

Life interests (purchased) 1,297 14 1 

Reversions (purchased) 20,168 

Agents' balances (since accounted 

for) 39,338 11 7 

Outstanding premiums 6,189 9 2 

do interest due and unpaid 

at date 931 19 7 

Outstanding interest accrued but 

not yet receivable 30,507 6 9 

Cash in bank — 

On deposit £6,500 

On current account. 12,561 16 7 



19,061 16 
Policy stamps on hand 24 15 



£2,701,485 2 3 £2,701,485 2 3 



*These items are included in the corresponding items in the revenue account. 



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/ 

LIFE INSURANCE COMPANIES. 211 

EQUITABLE LIFE ASSUKANCE SOCIETY OP THE UNITED STATES. 



Statement for the Tear ending 31st December, 18j)2. 

President — Henry B. Htde. | Secretary — "William Alexander. 

Principal Office — 120 Broadway, New York. 

Agent in Canada — Searoent P. Stearns. | Head Office in Canada — Montreal. 

(Incorporated, 26th July, 1859. Commenced business in Canada, about October, 

1868.) 



CAPITAL. 



Amount of capital authorized, subscribed for and paid up in cash $ 100,000 00 

ASSETS IN CANADA. 

In deposit with Receiver-General : — 

Par value. Market value. 

U. S. bond*, 4 per cent * 475,000 00 $ 543,875 00 

City of Toronto bonds, 4 per cent 292,000 00 289,810 00 

City of Montreal bonds, 4 per cent 190,000 00 188,575 00 

Total $ 957,000 00 $1,022 , 260 00 

Carried out at market value $1,022,260 00 

Held by trustees in accordance with the Insurance Act : — 

Par value. Market value. 
Mercantile Trust stock $ 595,000 00 $2,082,500 00 

Carried out at market value 2,082,500 00 

Gross premiums due and uncollected on Canadian policies in force (estimated).. $ 5,000 00 
Gross deferred premiums on same (estimated) 52,000 00 



Total outstanding and deferred premiums $57,000 00 

Deduct cost of collection, at 10 per cent 5,700 00 

Net outstanding and deferred premiums, estimated 51,300 00 

Total assets in Canada $3,156,060 00 

LIABILITIES IN CANADA. 

Under Policies issued previous to Sist March, 1878. 

♦Amount estimated to cover the net reserve or reinsurance value on 

all outstanding policies in Canada $ 700,000 00 

Claims for death losses unadjusted but not resisted Nil 

Claims for matured endowments due and unpaid Nil. 



Total amount of unsettled claims Nil. 

Dividends or bonuses to Canadian policy-holders due and unpaid 

(estimated) 400 00 

Liability under paid-up insurance clause (estimated) 500 00 

Total liability to said policy-holders in Canada $700,900 00 



* Reserve based on American Experience Table, 4$ per cent. 



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212 .DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

EQUITABLE LIFE— Continued. 

Under Policies issued subsequent to 31st March, 1878. 

^Amount estimated to cover the net reserve on all outstanding policies 

in Canada $2,100,000 00 

Claims for death losaes — 

Unadjusted but not resisted $ 24,000 00 

Total claims for death losses 24,000 00 

Dividends or bonuses to Canadian policy-holders due and unpaid 

(estimated) , 1,600 00 

Liability under paid-up insurance clause (estimated) 6,500 00 

Total net liabilities to said policy-holders in Canada $2,132,100 00 

Total net liabilities to all policy-holders in Canada $2,833,000 00 

INCOME IN CANADA. 

Total premiums received during the year on life policies in Canada. ...$ 703,536 96 
Interest or dividends on stock 97,780 00 

Total income in Canada $ 801,316 9<> 

EXPENDITURE IN CANADA. 

Amount paid during the year ou claims in Canada, viz. : — 

On account of death claims (including bonus additions estimated, $5,000).$ 225,105 00 
do matured endowments 38,89100 

Net amount paid on account of claims $ 263,996 00 

Cash paid to annuitants 2,424 02 

Amount paid for surrendered policies 76,140 96 

Amount paid for dividends or bonuses to Canadian policy-holders 19,072 93 

Total net amount paid to policy-holders in Canada $ 361,633 91 

Cash paid for com mission*, salaries and other expenses of officials in 

Canada 58.875 41 

Cash paid for licenses, taxes, fees or fines 2,016 98 

Sundry payments, viz.: — Medical examiners, $4,f>75; rent, $1,904.14; 

Eostage and exchange, $570.07 ; percentage allowances, $32,272.99 ; 
i w expenses. $615; advertising, $73.80 ; printing and stationery, 
$84; sundry items, $28.59 40,223 59 

Total expenditure in Canada $ 462,749 89 

MISCELLANEOUS. 

Number of new policies reported during the year as taken in 

Canada 1,161 

Amount of said policies $2,475,391 00 

Number of policies become claims in Canada during the year 108 

Amount of said claims (not including bonus additions) 2257,256 00 

Number of policies in force in Canada at date 8,738 

Amount of said policies 819,199,072 00 

Bonus additions (estimated) 130,000 00 

Net amount in force at 31st December, 1892 19,329,072 00 



Reserve based on American Experience Table, 4J p.c. interest. 

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LIFE INSURANCE COMPANIES. 213 

EQUITABLE LfFE— Continued. 

Number and amount of policies terminated during the year in Cauada : — 

1. By death (including bonus additions, $5,000).. 93 8 227,181 00 

2. By maturity (including bonus additions, $2,800) 15 37,875 00 

3. By expiry 2 2,000 00 

4. By surrender (including bonus additions, $23,500).... 138 288,329 00 

(For which cash value has been paid, 76,140.96.) 

5. By surrender, $239,500. 

(For which paid up policies have been granted to 
amount of $58,161.) 
Difference of amounts carried out (including bonus 

additions, $2,700) 184,039 00 

6. By lapse ,. 602 1,205,048 00 

Total (including bonus additions, estimated 

$34,000) _850 $ 1,944,472 00 

Policies in force at beginning of year (including bonus addi- 
tions, estimated $128,000) 8,427 $ 18,762,153 00 

Policies issued during the year 1,560 3,202,934 00 

Bonuses added during the year (estimated) 36,000 00 

Policies terminated as above and by change to paid up policies 

(including bonus additions, estimated $34.000) 955 2,002,633 00 

Policies not taken 294 669,382 00 

Policies in force at date of statement (including bonus addi- 
tions, estimated, $130,000) 8,738 19,329,072 00 



Number of insured lives at beginning of the year in Canada, 

(estimated) 7,700 

Number of new insurers during the year 1,400 

Number of deaths during the year among insured 85 

Number of insured whose policies have been terminated dur- 
ing the year otherwise than by death 1,090 

Number of insured lives at date of statement (estimated) .... 7,925 

DETAILS OF POLICIES ISSUED SINCE 318T MARCH, 1878. 

Policies in force at beginning of year in Canada (including 

bonus additions, estimated $50,695) 7,569 $ 16,684,628 00 

Policies issued during the year 1,560 , 3,202,934 00 

Bonuses added during the year (estimated) 20,000 00 

Policies terminated as above and by change to paid-up policies 

(including bonus additions, estimated $15,000) 865 1,796,858 00 

Policies not taken 294 669,382 00 

Policies in force at date of statement (including bonus addi- 
tions estimated $55,695) 7,970 17,441,322 00 



Subscribed and sworn to, 6th March, 1893 by 



SEARGEISTT P. STEARNS, 

Chief Agent. 



(Received, 7th March, 1893.) 



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214 DEPARTMENT OF FINANCE — IN8URAN0B BRANCH. > 

EQUITABLE LIFE— Continued. 

General Business Statement for the Tear ending 31st December, 1892. 

(As returned to the Superintendent of Insurance, State of New York.) 

INCOME DURING THE YEAR 1892. 

Total premium income $ 34,046,568 39 

Eecoived for interest or dividends 4,745,572 91 

Eeceived for rent 1,494,096 19 

Total income ...$ 4 0,286,237 49 

DISBURSEMENTS DURING THE YEAR 1892. 

Total amount paid for losses and matured endowments $ 11,180,812 04 

Cash paid to annuitants 333,398 34 

Cash paid for surrendered policies 3,333,102 77 

Cash dividends paid to policy-holders 1,687,134 83 

Cash paid to stockholders for dividends 7,000 00 

Commissions to agents 3,146,075 35 

Medical examiners' fees 415,571 52 

Commuted commissions « ., 565,586 24 

Taxes 322,439 44 

Rents 374,483 17 

General expenses 2,796,343 64 

Total disbursements $ 2 4,161,947 34 

A88ETS. 

Book value of real estate, unencumbered $ 38,035,149 19 

Loans on bonds and mortgages, first liens on real estate 21,983,944 02 

Loans secured by pledge of bonds, stock or other marketable col- 
laterals 5,913,500 00 

Book value of bonds and stocks owned 66,469,339 61 

Cash on hand and in banks 12,262,019 29 

-Agents' balances 1,312,080 04 

Commuted commissions and other items 595,317 20 

Total net or ledger assets ■. $146,571,349 35 

OTHER A8SETS. 

Interest and rents due and accrued 234,909*88 

Market value of bonds and stocks over book value 3,448,896 28 

Net amount of uncollected and deferred premiums 2,804,896 50 

Total assets $153,060,052 01 

LIABILITIES. 

*Net reinsurance reserve $120,216,977 00 

Total unsettled claims 1,216,796 52 

Unpaid dividends or surplus or other description of profits due 

policy-holders 89,594 00 

Add other liabilities, namely, possible claims under lapsed policies.. 346,869 00 

Total liabilities $121,870,236 52 

Gross surplus on policy-holders' account.., $ 31,189,815 49 



*Computed according to the Actuaries' Table of Mortality, with 4 per cent interest. 

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LIFE INSURANCE COMPANIES. 215 

EQUITABLE LIFE— Concluded. 

RISKS AND PREMIUMS. 

Number of new policies issued during the year 60,056 

Amount of said policies $187,753,179 00 

Number of policies terminated during the year 41,365 

Total amount terminated 154,422,628 00 

Number of policies in force at date 251,999 

Netamountof said policies 850,962,245 00 

Subscribed and sworn to, by 

THOMAS D. JORDAN, 

Comptroller. 
WILLIAM ALEXANDER, 

Secretary. 

New York, February, 1893. 



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216 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE FEDERAL LIFE ASSURANCE COMPANY OF ONTARIO. 



Statement for the Tear ending 31st December, 1892. 

President — Jas. H. Beattt. | Managing Director— David Dexter. 

Head Office — Hamilton, Ont. 

(Incorporated, 21st December. 1874. Organized, February, 1882. Commenced 

business in Canada, June, 1882.) 

capital. 

Amount of joint stock capital authorized $1,000,000 00 

Amount subscribed for : 700,000 00 

Amount paid up in cash v . v 80,197 00 



(For List of Shareholders, see Appendix.) 

A8SET8 AS PER LEDGER ACCOUNTS. 

Amount secured by way of loans on real estate, by bond or mortgage, 

first liens S 39,775 00 

Amount secured by way of loans on real estate, by bond or mortgage, 

second liens 2,025 00 

Amount of loans secured by bonds, stocks or other marketable colla- 
terals 1,000 00 

Amount of loans made to policy-holders on the company's policies as- 
signed as collaterals 28,887 18 

Premium obligations on policies in force 1,305 59 

Stocks and bonds owned by the company, viz. :— 

Par value. Market value. 

*St Thomas debentures 3 11,806 00 $ 13,874 12 

♦Lindsay do 4,000 00 4,219 30 

*Gananoque do 5,000 00 5,160 92 

*Orangeville do 7,500 00 7,920 64 

•Canadian Pacific Railway bonds 11,000 00 12,516 67 

•Eldon debentures 10,000 00 10,684 00 

*Merritton 1,500 65 1,609 89 

•Seaforth debentures 2,500 00 2,758 57 

♦Clinton do 2,500 00 2,696 64 

Pembroke do 5,981 55 6,358 39 

Seaforth do 10,000 00 10,650 37 

Total par and market values..., .. $ 71,788 20 g 78,449 51 

Carried out at markot value 78,449 51 

Casb at head office 2,058 26 

Cash in banks, viz. : — 

Bank of Hamilton, Hamilton $ 6,526 91 

Traders* Bank, Hamilton 30,288 78 

Hamilton Provident and Loan Society 4,212 49 

Total 41,028 18 

Agents' ledger balances 1,256 64 

Advances to agents, to be repaid from commissions 8,003 08 

Bills receivable 1,074 03 

Office furniture 1,437 65 

fTotal $ 20tf,300 12 

*Deposited with the Receiver-General. 

tThe above assets include a sum of $24,000 in mortgages and other securities, contributed under an 
instrument dated 4th March, 1890, executed by the contributors, who are described therein as certain of 
the directon*, and by others described as shareholders, wherein the persons who are mentioned as the share- 
holders covenant and agree to repay to said contributors the amount of their contributions, and assign to 
the contributors such dividends, bonuses and profits as shall accrue to their shares in the capital stock of 
the company. 



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LIFE INSURANCE COMPANIES. 217 

FEDERAL LIFE— Continued. 

OTHER ASSETS. 

Interest due $ 15 00 

do accrued 2,077 06 



Total carried out $ 2,092 06 

Short date notes for premiums on policies in force $ 17,939 94 

Gross premiums due and uncollected on policies in force 20,450 02 

do deferred premiums on same 22,319 59 

Total outstanding and deferred premiums. $ 60,709 55 

Deduct cost of collection, at 10 per cent 6,070 95 

Net outstanding and deferred premiums 54,638 60 

Fire premium on account of mortgages 30 50 

Chattel mortgage 55 50 

Total assets $ 263,116 78 

LIABILITIES. 

•Amount computed to cover the net present value of all policies in force $ 191,375 40 

Deduct value of policies reinsured in other companies 4,792 50 

Net reinsurance reserve . . $ 186,581 90 

Claims for death losses, unadjusted but not resisted 6,000 00 

Dae on account of general expenses 125 00 

Total liabilities $ 192,706 90 



Surplus on pol icy-holders' account $ 10,409 88 

Capital stock paid up "... 80,197 00 

INCOME DURING THE YEAR. 

Cash received for premiums $ 223,777 80 

Premium obligations taken in part payment of premiums 168 71 

tPremiums paid by dividends 30,251 81 

Total $ 254,198 32 

Deduct premiums paid to other companies for reinsurance 12,402 58 

Net premium income $ 241,795 74 

Received for interest 13,446 37 

Total income $ 255,242 11 



EXPENDITURE DURING THE TEAR. 

Cash paid for death losses $ 111,834 91 

Deduct amount received from other companies for reinsured death claims . . . 10,000 00 

Total net amount paid for death claims ($7,565.40 of which ac- 
crued in orevious years) $ 101,834 91 

Cash paid for matured endowments 7,000 00 

Total amount paid for death claims and matured endowments $ 108,834 91 

Cttiih paid for surrendered policies 1,125 92 

•Institute of Actuaries' H. M. Table, 4£ ner cent. tBeing the portion of the mortuary premiums not 
required for death claims, applied as dividends in reduction of renewal premiums. 



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218 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

FEDERAL LIFE— Continued. 

Cash dividends paid to policy-holders 1,211 97 

Premium obligations used in payment of dividends to policy-holders... 849 98 

Premium obligation-* used in purchase of surrendered policies 1P8 07 

fDividends applied in payment of premiums 30,251 81 

Taxes, licenses, fees or fines 1,310 67 

Cash paid for commissions, salaries and other expenses of officials 55,550 91 

Miscellaneous payments, viz.: — Medical fees, $4,267.42 ; printing, ad- 
vertising, stationery. &c, $3,298.85 ; postage, telephone, telegrams, 
and express, $964.23; directors' and audi tors' fees, $2,585.23; ex- 
change, $71.39; legal expenses, $757.28; insurance superintend- 
ence, $110.17; rent, $1,864.63; sundries, including fuel, gas, water 
rates, guarantee premiums and janitor's services, $915.17 ; pro- 
vincial treasurer, initial registration fee, $100 14,934 37 

Total expenditure $ 214, 258 61 

PREMIUM NOTE ACCOUNT. 

Premium obligations on hand at commencement of year $ 2,174 93 

do received during the year 168 71 

$ 2,343 64 

Premium obligations used in payment of dividends to policy-holders $ 849 98 

do do surrendered policies 188 07 

Total deductions 1,038 05 



Balance, note assets at end of year $ 1, 305 59 

MISCELLANEOUS. 

Number of new policies reported during the year as taken (in- 
cluding « revived for $18,000) 1,147 

Amount of said policies $1,882,000 00 

Amount of said policies reinsured in other licensed companies 67,000 00 

Number of policies become claims during the year 39 

Amount of said claims (including $7,000 matured endowments) 11*2,269 51 

Amount of said claims reinsured in other licensed companies in Canada 10,000 00 
Number of polices in force at date 4,545 

Amount of said policies (including bonus additions, $305.76) $ 10,564,893 22 

do do reinsured in other licensed companies. 709,500 00 

Net amount in force, 31st December, 1892 9,855 , 393 22 

Number and amount of policies terminated during the year: — 

No. Amount. 

1. By death 37 $ 110,269 51 

2. By maturity 2 7,000 00 

3. By expiry 323 735,500 00 

4. By surrender 6 6,000 00 

(For which cash value has been paid, $1,313.99.) 

5. By surrender, $3,000 (for which paid-up policy has 

been granted to the amount of $1,250.) 
Difference of amounts carried out 1,750 00 

6. By lapse 639 1,317,424 73 



Total 1,007 $2,177,944 24 



t Being the portion of the mortuary premiums not required for death claims, applied as dividends ia 
reduction of renewal premiums. 



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LIFE INSURANCE COMPANIES. 219 

FEDEKAL LIFE— Concluded. 

No. Amonnt. 

Policies in force at beginning of year 4,405 810,860,837 46 

Policies issued during the year in Canada (including 6 re- 
vived for $18,000)... 1,164 1,916,000 00 

Policies terminated as above 1,007 l',177,944 24 

Policies not taken 17 34,000 00 

Policies in force at date of statement 4,545 10,564,893 22 



Number of insured lives at beginning of year 4,329 

Number of lives insured during the year 1,143 

Number of deaths during the year among the insured 35 

Number of insured whose policies have Deen terminated other- 
wise than by death 966 

Number of insured lives at date of statement j 4,471 



Subscribed and sworn to, 27th February, 1893, by 

WILLIAM KERNS, 

Vice-President. 
DAVID DEXTER, 

Managing Director. 

(Received, 2nd March, 1893.) 



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220 DEPARTMENT OF FINANOE — IN8URANCE BRANCH. 

GBRMANIA LIFE INSURANCE COMPANY OP NEW YORK. 



Statement for the Year ending 31st December, 1892. 

President — Hugo Wesendonck. | Secretary — Hubert Cillis. 

Principal Office — 20 Nassau Street, New York. 



Agents in Canada — 

JEF*ER8 & Bonne 



Head Office in Canada — 

46 King St. West, Toronto. 

(Incorporated, 10th April, 1860. Commenced busiuess iu Canada, November, 1887.) 



CAPITAL. 

Amount of capital authorized, subscribed for and paid up in cash S 200,000 00 



ASSET8 IN CANADA. 

Market value of debentures owned by the company and held by the 
Receiver-General, viz. : — 

Canada 4 per cent loan of 1883 $ .51,250 00 

Gross premiums due and uncollected on Canadian glides in force $ 8,254 54 

Gross deferred premiums on same 2,678 98 

Total outstanding and deferred premiums. $ 10,933 52 

Deduct cost of collection at 10 per cent 1,093 35 

Net outstanding and deferred premiums 9,840 17 

Total assets in Canada S 61,090 17 

LIABILITIES IN CANADA. 

^Amount computed to cover the net present value of all Canadian 

policies in force $ 70,535 00 

Claims for death losses unadjusted but not resisted.... 2,000 00 

# _— - _ ^„___ — 

Total liabilities in Canada ! > 72,53 5 00 

INCOME IN CANADA. 
Cash received for premiums $ 31,608 48 

Total premium income $ 31,608 48 

Received for interest or dividends 2.000 00 



Total income in Canada ft 33,608 48 

EXPENDITURE IN CANADA. 

Cash paid for death losses in Canada 8 1,200 00 

Cash paid for surrendered policies 821 15 

Cash dividends paid to Canadian policy-holders 148 80 

Total net amount paid policy-holders in Canada 3 2.169 95 

Paid for commissions, salaries and other expenses of officials in Canada 10,113 56 

Cash paid for taxes, &c 137 18 

All other expenditure, viz.: — Office rent, fixtures, clerk hire, postage, 

exchange, advertising, &c 1,785 99 

Total expenditure in Canada $ 14,206 68 



•Actuaries' 4 per cent Table. 

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LIFE INSURANCE COMPANIES. 221 

GERMANIA LIFE— Continued. 

MISCELLANEOUS. 

Number of new policies reported during the year as taken in 

Canada 136 

Amountof said policies $ 322,500 00 

Number of policies become claims during the year 2 

Amount of ^ aid claims 3,200 00 

Number of policies in force in Canada at date 296 

Amount of said policies $791,833 00 

Bonus additions thereon 1,495 00 

Net amount in force at 3 1st December, 1892 793,328 00 



Number and amount of policies terminated during the year in 
Canada : — 

No. Amount. 

1. By death 2 S 3,200 00 

2. By surrender 2 7,000 00 

3. By lapse, not taken and change 33 90,667 00 

Total .37 $ 100,867 00 



Policies in force in Canada at beginning of year 197 $ 570,200 00 

Policies issued during the year 136 322,500 00 

Policies terminated as above 37 100,867 00 

Policies in force at date of statement (exclusive of bonuses, 

81,495.00) 296 791,833 00 

A 

Number of insured lives at beginning of year 197 

Number of new insurers during the year 136 

Number of deaths during tho year 2 

Number of insured whoso policies have been terminated during 

the year otherwise than by death 35 

Number of insured lives at date of statement 296 

Subscribed and sworn to, 7th March, 1893, by 

GEORGE W. RONNE, 

One of the Chief Agents. 
(Received, 8th March, 1893.) 

General Business Statement for the Year ending 31st December, 1892. 

income during the year 1892. 

Total premium income $2,801,833 48 

Interest 712,423 22 

Discount on claims paid in advance 3,869 04 

deceived for rents 98,182 08 

Policy fees 1,786 99 

Total income, $3,618,094 81 

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222 DEPARTMENT OF FINANCE — IN8URANCE BRANCH. 

GERMANIA LIFE— Continued. 

DISBURSEMENTS DURING THE YEAR 1892. 

Total amount paid for losses and matured endowments $ 1,268,763 34 

Cash paid to annuitants 21,336 35 

Gash paid for surrendered policies 308,764 54 

Dividends paid to policy-holders 201,021 63 

Paid to stockholders for interest and dividends 24,000 00 

Commissions to agents 416,140 71 

Salaries and travelling expenses of managers and agents 116,305 59 

Medical examiners' fees 30,886 68 

Salarieu of officers and offico employees : 70,276 75 

Taxes 19,490 06 

Bents , 13,535 00 

Commuting commissions 1,086 76 

General expenses 85,688 96 

Total disbursements $ 2,577,2% 37 



A88ETS. 

Cost value of real estate unencumbered $ 1,949,271 66 

Loans on bonds and mortgages, first liens on real estate 9,255,250 00 

Loans made to policy-holders on the company's policies assigned as 

collaterals 491,630 44 

Coat value of bonds and stocks owned 4,787,132 20 

Cash on hand and in banks 448,252 05 

Other items 1,040 00 

Total net or invested assets $16,932,576 35 

OTHER A88ET8. 

Interest due and accrued 94,216 58 

Bents due and accrued 7,195 83 

Market value of real estate over cost 77,055 78 

Market value of bond* and stocks over cost 216.005 41 

Net amount of uncollected and deferred premiums 150,098 48 

Net value of reinsured policies 16,308 00 

Total assets $17,493,456 43 

LIABILITIES. 

* Net reinsurance reserve $16,032,582 83 

Total unsettled claims 131,296 45 

Unpaid dividends or surplus or other description of profits due 

policy-holders 41,580 95 

All other liabilities 57,708 31 

Total liabilities $16,263,168 54 

Gross surplus on policy holders' account $ 1,230,287 89 



* Based on Actuaries' Table with 4 per cent interest 

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LIFE INSURANCE 00MPANIE8. 223 

GEEMANIA LIFE— Concluded. 

BISKS AND PREMIUMS. 

Number of new policies issued during the year 6,236 

Amount of said policies .- $12,357,182 00 

Number of policies terminated during the year 3,859 

Total amount terminated 8,371,497 00 

Number of policies in force at date 36,998 

Net amount of said policies 65,218,895 00 

Number of industrial policies in force 6,925 

Amount of said policies 816,707 00 

Subscribed and sworn to, by 

C. DOBBMTJS, 

Vice-President. 
HUBERT CILLIS, 

Secretary. 

New York, 28th February, 1893. 



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224 DEPARTMENT OF FINANCE — IN8URAN0E BRANCH. 

THE GREAT WEST LIFE ASSURANCE COMPANY. 

Statement for the Year ending 31st December, 1892. 

President — Alex. Macdonald. j Secretary — A. Jar dine. 

Managing Director — J. H, Brock. | Principal Office — Winnipeg, Man. 

(Incorporated 28th Aug., 1891. Commenced business in Canada 18th Aug., 1892.) 



CAPITAL. 



Amount of joint stock capital authorized $ 400,000 00 

do do subscribed for 367,300 00 

do do amount paid up in cash 91,825 00 



{For List of Shareholders see Appendix.) 



ASSETS AS PER LEDGER ACCOUNTS. 

Amount secured by way of loans on real estate, by bond or mortgage 

first liens $ 40,303 27 

Stocks and bonds in deposit with Receiver-General, viz.: 

Par value. Market value. 
City of Winnipeg bonds 8 56,000 00 $ 58,520 00 



Carried out at market value 58,520 00 

Cash at head office 9,831 50 

Agents' ledger balance* 1,129 00 

Total $ 109,783 77 

OTHER A8SETS. 

Interest accrued 627 29 

Gross premiums due and uncollected on policies in force $ 8,639 73 

Gross deferred premiums on same 2,871 29 

% 

Total outstanding and deferred premiums $ 11,511 02 

Deduct cost of collection at 10 per cent 1,151 10 



Net outstanding and deferred premiums 10,359 92 

Office furniture 645 69 



Total assets * 121,416 67 



LIABILITIES. 

* Amount computed to cover the net present value of all policies in 

forco 9 20,158 00 

Due on account of loans 12,520 84 

Sundry 198 33 

Total liabilities I 32,877 17 



1 Based on Actuaries' 4 per cent table. 

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LIFE INSURANCE COMPANIES. 

THE GREAT WEST— Concluded. 



Surplus on policy-holders' account $ 88,539 

Capital stock paid up 91,825 



50 

00 



INCOME DURING THE YEAR. 



Casb received for premiums $ 15,383 30 

Amount received for interest or dividends on stock 1,499 27 

Total $ 16,882 57 

Keceived for calls on capital 91,825 00 

Total income : $ 108,707 57 

EXPENDITURE DURING THE YEAR. 

Cash paid for commissions, salaries and other expenses of officials $ 4,956 55 

Taxes, licenses, fees or fines 198 70 

Sandry expenditures, viz.: — 

Medical fees. $2,032; travelling expenses of agents and others, 
$85.00; rents, $180.00; stationery and printing, $1,282.45; 
advertising, $465.98; postage and telegrams, $147.01; prelimi- 
nary expenses, $3,787.86 ; express charges, exchange, light- 
ing, heating and cleaning offices, books and periodicals, 
$183.40 8,163 70 

Total expenditure $ 13,318 95 

MISCELLANEOUS. 

Number of new policies reported during the year as taken ,... 354 

Amount of said policies 1 $ 881,200 00 

Number of policies in force at date 345 

Net amount in force at 31st December, 1892. 862,200 00 

Number and amount of policies terminated during the year: 

No. Amount. 

1. By lapse 9 $ 19,0 00 00 

No. Amount. 

Policies issued during the year 354 $ 881,200 00 

Policies terminated as above 9 19,000 00 

Policies in force at date of statement 345 862,200 00 

Number of insured lives at beginning of year None. 

Number of new insurers during the year 348 

Number of insured whose policies have been terminated during the 

year otherwise than by death 9 

Number of insured lives at date of statement 339 

Subscribed and sworn to, 21st February, 1893, by 

W. B. SOARTH, Vice-President. 
A. JAEDINE, Secretary. 

(Received, 25th February^ 1893.) 
4—15 

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DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE LIFE ASSOCIATION OF SCOTLAND. 



Statement for the Year ending 5th April, 1892. 

Manager — John Tubnbull Smith. | Secretary — John Sharp. 

. Principal Office — Edinburgh. • 
Agent in Canada — Archibald Inqlis. | Head Office in Canada — Montreal. 

(Established, 23rd March, 1839. Commenced business in Canada, Sept., 1857.) 



CAPITAL. 



Amount of capital authorized and subscribed for $1,946,666 67 

Amount paid up in cash 425,833 33 



ASSETS IN CANADA. 

Amount secured by way of loans on real estate by bond or mortgage, 

first liens $ 236,084 96 

Amount ef loans made to Canadian policy-holders on the Association's 

policies assigned as collaterals 32,669 19 

Credit premium debts on policies in force 74,454 74 

Slocks and bonds in deposit with Beceiver-General, viz. : — 

Canada 4 per cent bonds 824,333 38 

do do 20,926 67 

New Brunswick 6 per cent bonds 9,733 33 

Province of Quebec 5 per cent bonds 48,666 67 

City of Toronto 6 per cent bonds 48.666 67 

Canada 4 per cent stock 2,433 33 

Total par value... 154,760 00 

Cash in Merchants Bank— current account 3,122 23 

Interest due 9 987 26 

do accrued 6,682 25 



Total interest 7,669 51 

Gross premiums due and uncollected on Canadian policies in force 20,423 61 

Total assets in Canada $ 529,184 23 

LIABILITIES IN CANADA. 

* Amount estimated to cover the net reserve on all outstanding policies 

in Canada $1,047,951 33 

Claim for death losses— due and unpaid $42,437 33 

Claims for matured endowments — due and unpaid 1,338 98 



Total unsettled claims 43,776 31 

Total liabilities in Canada $1,091,727 64 



"Institute of Actuaries' H. M. Table, at 4$ per cent interest Exact computation at 5th April, 1891. 

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•'{•■■■ 

\ 

LIFE INSURANCE COMPANIES. 227 

LIFE ASSOCIATION OP SCOTLAND— Continued. 

INCOME IN CANADA. 

Cash received for premiums $ 45.266 50 

New credit loans 90 70 

Total premium income $ 45,357 20 

Amount received for interest or dividends on stock, &c 8,425 58 

Total income in Canada $ 53,782 78 

EXPENDITURE IN CANADA. 

Net amount paid for death claims in Canada ($21,082.41 of which ac- 
crued in previous years) $ 60,610 67 

Net amount paid for endowment claims in Canada 1,998 04 

Total amount paid for death claims and matured endowments. $ 62,608 71 

Cash paid for surrendered policies and surrendered bonuses 2, 120 24 

Premium obligations used in purchase of surrendered policies or voided 

by lapse 1,872 00 

Cash dividends paid to Canadian policy-holders 192 09 

Cash dividends applied in payment of premiums in Canada 11,112 26 

Total payments to policy-holders in Canada $ 77,905 30 

Commissions, salaries, and other expenses of officials in Canada 2,577 19 

Taxes, licenses, fees or fines 72 86 

AH other expenditure in Canada 469 05 

Total expenditure in Canada $ 81,024 40 



MISCELLANEOUS. 

Number of policies become claims during the year in Canada 42 

Amount of said claims $ 82,935 67 

Number of policies in force in Canada at 5th April, 1892 1,069 

Amount of said policies !..:< 1,886,741 50 



Number and amount of policies terminated in Canada during the year : — 

1. By death 38 $ 80,213 59 

2. By maturity 4 2,722 08 

3. Bysurrender 3 8,526 40 

(For which cash value has been paid, $3,353.92.) 

4. By surrender, $7,786.66. 

(For which paid-up policies have been granted to 
amount of $1,761.24.) 
Difference of amounts carried out 6,025 42 

5. By lapse 4 3,435 86 

Total 49 $ 100,923 35 

4^-lH 



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228 DEPARTMENT OF FINANCE — INSURANCE BBANOH. 

LIFE ASSOCIATION OP SCOTLAND— Continued. 

No. Amount 

Policies in force at beginning of year in Canada 1,118 91,987,664 85 

Policies terminated as above 49 100,923 35 

Policies in force at date of statement 1,069 1,886,741 50 

Number of insured lives No return. 



Subscribed and sworn to, 23rd February, 1893, by 

ARCHIBALD INGLLS. 

Chief Agent. 
(Received, 24th February, 1893.) 



General Business Statement fob the Year ending 5th April, 1892. 
(Abstracted from the Directors' Report, Edinburgh, Scotland, 12th July, 1892.) 

The total new business completed and paid for, amounted to £996,064, under 
1,582 policies, and yielding in new premiums £29,886 5s. 9d. This is again one of 
the largest amounts of new business transacted by the Association in a single year, 
aDd is £91,000 more than the average annual new business during the preceding 
quinquennium. 

New life annuities, to the number of 83, were purchased at the price of £48,223 
for the annual amount of £5,128. 

The total revenue from premiums and interest (exclusive of the purchase money 
for annuities) amounted to £516,964, as compared with £507,828 in the previous 
year, showing an increase of £9,136. 

The claims by death during the year have amounted to £327,776, being consid- 
erably more than in any previous year. The number of policies expected to emerge 
by death, according to the Institute of Actuaries' Healthy Males Table, was 657, 
while the actual number of policies beooming claims was 729. The figures for the 
respective classes of policies were as follows : — 

Class A— expected deaths 376 Class B — expected deaths 154 

do actual do 459 do actual do 151 

Clas* A3 — expected deaths 117 ClassB2 — expected doaths 10 

do actual do 110 do actual do 9 

In common with most other assurance offices, the association has experienced, 
in a marked degree, the effect of the influenza epidemic which again swept over the 
country in the course of the last financial year, no less than 130 of the claims, for 
£62,435 in all, being known to be directly or indirectly attributable to that disease. 
From the following analysis of the influenza claims, it will be seen that class A, 
which comprises the greatest portion of the old lives on the Association's books, has 
suffered most severely from this cause : 

Class A —80 policies for ....:. .£ 41,568 Class B —21 policies for £ 7,400 

do A3— 27 do 13,167 do B2— 2 do 300 

It need not be anticipated that an experience of this nature in regard to mor- 
tality, arising from such an exceptional and unavoidable cause, is at all likely to 
recur. 

The deaths amongst the annuitants (which of course have the opposite bearing 
on the Association to the deaths of lives assured) were 44 in number, cancelling an- 
nuities of the annual amount of £2,346, as against only 26 deaths last year under 
annuities of £1,087. 

The ratio of expenses to premium income is somewhat larger than last year, 
but is very little in excess of the average rate for the whole quinquennium, 1887 to 



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LIFE INSURANCE COMPANIES. 



229 



LIFE ASSOCIATION OF SCOTLAND— Continued. 

1891. It has to be borne in mind that the accounts now submitted include a consid- 
erable portion of the expenses in connection with the quinquennial valuation and 
distribution of profits as at 5th April, 1891. 

The funds of the association have during the year increased by £73,876, notwith- 
standing the fact that the claims have been so much heavier than usual and that a 
sum of over £32,000 has been paid to the policy-holders in the form of bonuses in 
cash. 

The funds, as invested at the close of the accounts, yield an average return of 
£4 0s. 8d. per £100, as compared with £4 0s. 4d. and £4 0s. 3d. respectively at the 
close of the years 1891 and 1890 ; while the rate upon which all the assurance cal- 
culations of the association proceed is only 3 J per cent. 

At 5th April, 1892— 

£ sterling. 

29,775 policies were in force, assuring (exclusive of bonuses) 13,209,327 

Total claims paid under life policies amounted to 5,653,517 

Cash bonuses paid and bonus additions amounted to 1,900,865 

The funds in hand were „ 3,805,286 

The allocation of bonus to the policy-holders in class A is made annually, and, 
notwithstanding that the mortality in this class has again been so excessive, as re- 
ferred to above, the directors are pleased to be able to state that owing to the more 
satisfactory basis on which the valuation of this class of policies was last year placed 
it will be unnecessary at this time to suggest any diminution in the rates of cash 
bonus now current, and they accordingly now declare the following cash bonuses on 
the premiums for ordinary whole-life policies, by premiums payable throughout life, 
for the year commencing b'th April, 1893, to be applied as formerly in part payment 
of the premiums falling due during that year : — 35 per cent to entrants on or before 
5th April, 1855; 25 per cent to entrants between 6th April, 1855, and 5th April, 
1860 ; 20 per cent to entrants between 6th April, 1860, and 5th April, 1865 ; 17£per 
cent to entrants between 6th April, 1865, and 5th April, 1871 ; 15 per cent to en- 
trants between 6th April, 1871, and the close of the class. In the case of assurances 
by a limited number of premiums and endowment assurances, the cash bonuses are 
of precisely the same amount as if they were ordinary assurances by premiums during 
life. 



Be venue Account for the Yeae ending 5th April, 1892 

£ S. d. 



Amount of funds at the beginning 
of year .. 3,731,409 

Premiums (less reas- 
surances) £366,201 18 7 

Consideration for an- 
nuities granted .. . 48,223 1 

Interest and divi- 
dends 150,762 18 1 

Fines for revival of 
policies. 196 13 4 

Fees for recording 
assignments 207 15 



4 



565,592 5 1 



£ s. d. 

Claims under policies pa v able on 

death .' 327,776 13 

Claims under policies payable on 

survivance 11,534 8 1 

Surrenders 13,255 16 8 

Annuities 32,863 1 5 

Commission 14,441 4 

Expanse of management 42,868 16 8 

Dividends to shareholders and in- 
terest on paid-up oapital 14,290 12 5 

Cash bonuses to existing policy- 
holders 32,026 8 3 

Income tax 2,658 5 8 



£ 491,715 6 2 
Amount of funds at the end of the 

year 3,805,285 19 3 

£4,297,001 5 5 £4,297,001 5 5 



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230 



DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

LIFE ASSOCIATION OP SCOTLAND— Concluded. 
Balance Sheet on the 5th April, 1892. 



LIABILITIES. 

£ 8. d. 

Shareholders' capita], paid up 87,600 

Assurance and annuity fund 8,717,785 19 3 

Total funds as per revenue ac- 
count £3,805,285 19 3 

Claims admitted but not paid (in- 
cluding all deaths to date, whether 

formally proved or not) 84,086 1 6 

Annuities due but not applied for. . 159 1 8 



£ s. d. 
Mortgages on property within the 

United Kingdom 1,364,680 14 2 

Mortgages on property out of the 

United Kingdom 48,510 12 2 

Loans on the Association's policies. 297,686 17 4 
Investments — 
In Indian and colonial govern- 
ment securities. . . . 322,472 8 5 

In foreign government securi- 
ties 37,554 13 7 

In railway and other debentures 

and debenture stock 637,388 5 11 

In railway rent charge, guaran- 
teed, and preference stocks 304,484 9 7 

In house property 123,069 5 2 

In annuities 25,249 15 4 

In reversions 24,789 16 4 

In bank stock 46,403 7 3 

In stock of the Association, pur- 
chased under their Act, 16 and 

17Vic,c.224 13,38617 4 

Loans on personal security 10,093 1 5 

Loans on statutory public rates. . . . 237,476 9 4 
Loans on stock of the Association. . 1,513 1 11 

Office furniture 420 

Stamps 93 16 3 

Agent's balance 14 18 8 

Outstanding premiums 94,372 7 2 

Outstanding interest. 4,304 2 9 

Interest accrued but not yet pay- 
able 43,660 12 5 

Deposits with colonial banks 183,743 15 

Cash in bank — 

On deposit £ 35,049 13 4 

On current ac- 
counts 38»112 1 7 



£3,889,531 2 5 



68,161 14 11 
$3,889,531 2 5 



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LITE INSURANCE COMPANIES. 231 

THE LIVERPOOL AND LONDON AND GLOBE INSURANCE COMPANY. 

Statement for the Year ending 31st December, 1892. 

President — Alfred Fletcher. | Gen. Manager and Secretary — J. M. Dove. 

Principal Office — Liverpool, England. 

Agent in Canada — 6. F. C. Smith. | Head Office in Canada — Montreal. 

(Organized 21st May, 1836. Incorporated 14th July, 1836. Commenced 
business in Canada, 1th June, 1851.) 

{For Capital and Assets in Canada, see Fire Statement.) 

LIABILITIES IN CANADA. 

*Amount estimated to cover the net reserve on all outstanding policies 

in Canada $ 105,000 00 

Claims for death losses unpaid. Nil. 

Total net liabilities to policy-holders in Canada $ 105,000 00 

INCOME IN CANADA. 

Amount of premiums received in cash during the year on life policies 

in Canada $ 8,047 40 

Total income $ 8,047 40 

EXPENDITURE IN CANADA. 

Net amount paid on account of death claims $ 3,276 28 

Amount paid to annuitants 1,495 00 

Total payments to policy-holders in Canada $ 4,771 28 

Paid for commissions, Ac 216 52 

Taxes, licenses, fees or fines 8 00 

Sundry expenditure: — Postage, $67.17; law expenses, $26.00; insur- 
ance superintendence, $4.21; exchange, $3.74; medical fees, $5.... 106 12 

Total expenditure in Canada $ 5,101 92 

MISCELLANEOUS. 

Number of new policies reported during the year as taken in Canada. 4 

Amount of said policies $ 6,813 38 

Number of policies become claims in Canada during the year 8 

Amount of said claims.. 3,276 28 

Number of policies in Canada ■ 159 

Amount of said policies. $ 239,595 67 

Add bonus additions 34,398 57 

Total net amount in force 31st December, 1892 273,994 24 

•Computed by Department at 31st December, 1889, on the basis of Institute of Actuaries' H.M. Table 
with 4J per cent interest. Estimated for 31st Dec., 1892. 



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232 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

LIVERPOOL AND LONDON AND GLOBE— Continued. 

Number and amount of policies terminated during the year in Canada : — 

No. Amount. 

1. By death (including $171 bonus additions) 8 $ 3,276 28 

2. By surrender $1,000 (for which paid up policies have 

been granted to amount of $438); difference of 

amounts carried out 562 00 

Total (including bonus additions, $171) 8 $ 3,838 28 



Policies in force at beginning of year (including bonus additions, 

$29,468.21) 163 $ 265,917 78 

Bonuses added 5,101 36 

Transferred from head office 4 6,813 38 

Policies terminated as above (including bonus additions, $171). 8 3,838 28 
Policies in force at date of statement (including bonus additions, 

$34,398.57) 159 273,994 24 



Number of insured lives at the boginning of the year 151 

Number of new insurers during the year 4 

Number of deaths during the year among insured 6 

Number of insured lives at date of statement 149 

Subscribed and sworn to, 28th February, 1893, by 

G. F. C. SMITH, 

Resident Secretary. 

(Received, 1st March, 1893.) 



General Business Statement for the Year ending 31st December, 1892. 

(Abstracted from Directors 9 Report, Liverpool, Eng., 16th May, 1893.) 

Life Department. 

During the year the company has received 

1,067 proposals to assure the sum of. £ 640,675 

845 policies were issued for ; 471,525 

158 proposals were not completed for 104,750 

64 proposals were declined for 64,400 

The premiums on new assurances during the year amount to £16,289, the total 
premium income, after deducting the amount paid for reassurances, being £227,420. 
Two hundred and thirty-five Annuity Bonds have been issued for a consideration of 
£137,449, granting annuities amounting to £12,893. The holders of one hundred 
and forty-six annuity bonds have died during the year, relieving the company of the 
annual payment of £7,554. The life and annuity funds have been increased during 
the year by £117,075, and now amount to £4,395,600. 



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LIFB INSURANCE COMPANIES. 



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DEPARTMENT OF FINANCE — IN80BANOE BRANCH. 






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LIFE INSURANCE COMPANIES. 235 

LONDON AND LANCASHIRE LIFE ASSUJRANC? COMPANY. 



Statement fob the Year ending 31st December, 1892. 
President — Coi;. Kingsootb, K.C.B., M.P. | Secretary — William Palin Clirehugh. 

Principal Office — London, England. 

Agent in Canada — B. Hal. Brown. | Head Office in Canada — Montreal. 

(Established, 4th August, 1862. Commenced business in Canada, 1863.) 



CAPITAL. 

Amount of joint stock capital authorized and subscribed for £100,000 

Amount paid up in cash £10,000 

Proprietors' share of profits added 10,000 

Proprietors' fund, balance 548 9 11 

20,548 9 11 



ASSETS IN CANADA. 

In deposit with the Receiver-General, viz. : — 

Par value. Market value. 

Province of Quebec bonds (registered) $ 8,000 00 $ 8,720 00 

City of Victoria, B.C., water works debentures 10,000 00 11,350 00 

City of Toronto debentures 4,999 00 5,288 91 

Corporation of Montreal debentures 7,000 00 8,211 00 

do do stocks 24,700 00 27,532 10 

County of Middlesex debentures 20,000 00 21,000 00 

City of Hamilton debentures 15,000 00 17,700 00 

Town of St. Thomas debentures- 13,581 71 13,853 34 

Province of Quebec bonds 15,500 00 16,740 00 

Dominion of Canada bonds 2,000 00 2,000 00 

$ 120,780 71 $ 132,395 35 



Total in deposit with Keceiver-General $ 132,395 35 

Municipal debentures: — 

Par value. Market value. 

Town of Pembroke $ 10,000 00 $ 10,400 00 

Corporation of Montreal permanent stock 12,800 00 19,840 00 

•Town of Brampton 15,508 68 16,040 63 

Township of Fenelon .... 2,330 64 2,194 69 

Township of Tilbury West 1,212 56 1,236 81 

City of Toronto 23500 23500 ' 

Township of East Sandwich 2,183 79 2,226 45 

Town of Trenton 2,500 00 2,575 00 

•City of Montreal Harbour bonds 44,000 00 48,711 00 

* do school debentures 8,000 00 9,384 00 

do stock 17,600 00 19,385 50 

Township of Finch 771 45 771 45 

•City of Ottawa. 10,000 00 10,544 00 

Province of Quebec bonds 500 00 540 00 

Township of Eniskillen 738 90 707 56 

do Sombra 3,600 00 3,852 00 

•Town of Valleyfield 10,000 00 11,150 00 

* do Cowansville 5,400 00 5,911 38 

Village of Midland 3,500 00 3,780 00 

Montreal Harbour bonds 5,000 00 5,610 00 

Town of Trenton 3,665 00 3,701 65 

Town of Tilsonburg 5,000 00 5,634 00 

City of St. Catharines 15,000 00 15,000 00 

Province of Quebec Registered Bond 5,000 00 5,450 00 

Village of Granby 15,000 00 15,000 00 

Town of Ingersoll 30,500 00 34,770 00 

do Niagara 5,000 00 5,000 00 

• do Port Hope 10,000 00 9,100 00 

do Meaford 2,425 00 2,570 50 

do Wingham 8,500 00 8,925 00 

do Paris 4,348 00 4,500 18 

• Held by trustees in accordance with the Insurance Act ; total par value, $544,574.01 ; market value, 
$571,525.82. 



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236 DEPARTMENT OF FINANOE — INSURANCE BRANCH. 

LONDON AND LANCASHIRE LIFE— Continued. 
Municipal debentures — Continued. 

Par value. Market value. 

Town of Welland $ 16,000 00 $ 17,120.00 

do Collingwood '. 4,07639 4,038 02 

do Penetanguishene 5,000 00 5,200 00 

do do (guaranteed by County of Si mcoe) 10,000 00 11,774 00 

♦Village of Wiarton 10,500 00 10,710 00 

do Arnprior 10,306 37 10,564 03 

*Oity of New Westminster 55,000 00 58,955 00 

* do Victoria 25,000 00 25,000 00 

* do Brandon 31,000 00 32,107 90 

* do Belleville 15,000 00 15,862 50 

*Townof Meaford 11,256 04 11,759 18 

* do Beauharnois 16,000 00 16,640 00 

•Canadian Pacific Railway Land Grant Bonds 100,000 00 109,000 00 

Township of Luther 1,966 84 1,613 40 

do Holland 4,188 96 3,364 20 

do Brooke 3,340 00 3,406 80 

do Amaranth 1,720 12 1,733 32 

do Bexley 7,000 00 7,210 00 

do Dundee 25,683 20 18,032 83 

» do York 16,99143 17,297 28 

♦Town of Collingwood 10,000 00 10,900 00 

* do Napanee 5,628 00 5,879 57 

* do Toronto Junction 25,189 86 21,41138 

do Goderich 5,000 00 5,250 00 

do Sault Ste. Marie 3,800 00 3,800 00 

* do do 10,000 00 10,000 00 

* do Calgary 9,600 00 10,392 00 

* do Farnham 30,000 00 30,000 00 

♦Victoria Rolling Stock Co 40,000 00 40,000 00 

$ 769,565 23 $ 803,768 21 

Total municipal debentures held by the company or by trustees in 

accordance with the Act, carried out at market value S 803)768 21 

Mortgages on real estate in Canada, held by trustees in accordance 

with the Act 345,847 88 

(Amount of said loans upon which interest has not been paid within 

one year previous to statement) None. 

Amount of loans made to Canadian policy-holders on the company's 

policies assigned as collaterals 56,546 00 

(Of this amount $40,518 belongs to policies issued subsequent to 31st 

March, 1878,) 
Half credit debt6 on policies (issued previous to 31st March, 1878).... 3,649 55 

Cash at head office in Canada 150 00 

Cash in Bank of Montreal, current account $ 20,471 29 

Total 20,471 29 

Agents' ledger balances 533 09 

Interest due, since paid $ 485 00 

do accrued 17.018 21 

17,503 21 

Gross premiums due and uncollected on Canadian policies in force (since paid, 

with few exceptions) $ 2,74163 

Gross deferred premiums on Bame 23,852 07 

December premiums on which days of grace are current 57,709 75 

Total outstanding and deferred premiums $ 84,303 45 

Deduct cost of collection, at 10 per cent 8,430 35 

Net outstanding and deferred premiums 75,873 10 

Office furniture 1,100 10 

Total assets in Canada. $1,457,637 78 



•Held by trustees in accordance with the Insurance Act ; total par value, $544,574.01 ; market value, 
$571,525.82. 



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LIFE INSURANCE COMPANIES. 237 

LONDON AND LANCASHIRE LIFE— Continued. 

LIABILITIES IN CANADA. 

Under Policies issued previous to 3lst March, 1878. 

Amount estimated to cover the net present value of all Canadian policies in 

force # . $199,18129 

Deduct value of said policies reinsured in other licensed companies in 

Canada 10,849 83 

* Net reinsurance reserve $ 188,331 46 

Claims for death losses — due and unpaid— awaiting discharge $ 2,750 00 

Bonus additions thereon 156 25 

2,906 25 

Claims for matured endowments— due and unpaid — awaiting discharge $ 1,000 00 

Bonus additions thereon 50 00 

1,050 00 



Total liability in respeot of said polioies $ 192,287 71 

Under Policies issued subsequent to 31st March, 1878. 

Amount estimated to cover the net present value of all Canadian policies in 

force * 991,869 03 

Deduct value of said policies reinsured in other licensed companies in 

Canada 36,702 97 



*Net reinsurance reserve $ 955,166 06 

Claims for matured endowments due and unpaid 11,200 00 

Due on account of general expenses in Canada 2,926 40 

Premiums paid in advance, &c 165 25 

Total liability in respect of said policies $ 972,457 71 



Total liabilities in Canada $1,164,745 42 



INCOME IN CANADA. 

Ca«h received for premiums $ 219,727 63 

Deduct premiums paid to other companies for reinsurance ')£jX 8,702 OS 

Net premium income $ 211,025 55 

Interest or dividends on stock, &c 63,391 63 

Other income 98 32 



Total income in Canada $ 274,515 50 



* Based on the Institute of Actuaries' H. M. Table of Mortality, with 4£ per cent interest. Computed 
by the Department. 



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238 DEPARTMENT OF FINANCE — IN8URANCE BRANCH. 

LONDON AND LANCASHIEB LIFE— Continued. 

EXPENDITURE IN CANADA. 

Cash paid for death losses in Canada (including bonus additions, $2,306.25). .$ S 95,781 25 
Deduct amount received from other companies for reinsurance (including 

bonus additions) 5,750 00 



Net amount paid for death claims in Canada . . . $ 90,031 25 

•Cash paid for matured endowments in Canada (including bonus 

additions, $265.00) $ 20,879 66 

Deduct received from other companies for reinsurance 500 00 

Net amount paid for endowment claims in Canada 20,379 66 

Total paid for death claims and matured endowments.... $ 110,410 91 

Cash paid for surrendered policies 3,793 48 

-Cash paid Canadian policy-holders for surrender of bonus additions.... 155 60 

Total net amount paid to policy-holders in Canada $ 114,359 99 

Commissions, salaries and other expenses of officials 41,426 31 

Taxes, licenses, fees or fines (including $1,130 Provincial taxes) 1,645 64 

All other expenditure, viz.: — Agency charges, $237.23; medical fees, 

$3,472.50; postage, &c, $845.23 ; legal expenses, $255.84; printing 

and stationery, $1,648.84; advertising, $702.04; rent, $2,235.93; 

insurance superintendence. $108.14; office furniture, $174.61; 

telegrams, $42.57; sundries, $138.73 $1,861 66 

Total expenditure in Canada $ 167,^93 60 

MISCELLANEOUS. 

Number of new policies reported during the year as taken in Canada, 626 

Amouutofsaid policies $1,169,700 00 

Amount of said policies reinsured in other licensed companies in Can- 
ada 22,000 00 

Number of policies become claims in Canada during the year 72 

Amount of said claims $ 12?, 539 66 

Bonus additions thereon 2,580 00 



125,119 66 



(Amount of above claims reinsured in other licensed companies in 
Canada, $6,250.) 
Number of policies in force in Canada at date 4,080 

Amount of said policies 17,103,383 66 

Bonus additions thereon 77,467 01 

87,180,850 67 
Deduct amount of said policies reinsured in other licensed companies in Can 

ada (including bonus additions $810.88) 206,407 38 

Net amount in force 31st December, 1892 6,974,443 29 



-Number and amount of policies terminated during the year in Canada : — 

No. Amount 

1. By death (including bonus additions, 82,265) 44 $ 78,990 00 

2. By maturity (including bonus additions $315) 28 46,129 66 

3. By surrender (including $647.85 bonus additions) 35 64,032 85 

'(For which cash value has been paid, $3,949.08.) 

4. By surrender, $90,155.15 (including bonus additions, 

$155.15.) (For which paid up policies have been 
granted to amount of $21,030.66.) 

Difference of amounts carried out 69,124 49 

.5. By lapse (including bonus additions, $5,406.21). 227 442,357 21 

Total (including $8,789.21 bonus additions) . 334 $ 700,634 21 



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Lin INSURANCE COMPANIES. 239 

LONDON AND LANOASHIBB LIFE— Continued. 

No. Amount. 
Policies in force at beginning of year in Canada (including 

$86,256.22 bonus additions) 3,788 $6,711,784 88 

Policies issued during the year 671 1,247,200 00 

Policies terminated as above (including $8,789.21 bonus addi- 
tions) 334 700,634 21 

Policies not taken 45 77,500 00 

Policies in force at end of year (inoluding $77,467.01 bonus addi- 
tions) 4,080 7,180,850 67 



Number of insured lives at beginnig of year 3,563 

Number of new insurers during year 619 

Number of deaths during the year among the insured 34 

Number of insured whose policies have been terminated during 

the year otherwise than by death 280 

Number of insured lives at date of statement...... 3,868 

Details of policies issued since 31st March, 1878, and bonus additions thereon.. 

No. Amount. 
Policies in force at beginning of year (including $47,000.93 bonus 

additions) 3,441 $6,231,523 43 

Policies issued during the year : 671 1,247,200 00 

Policies terminated as above and by change to paid up policies 

(including $3,912.64 bonus additions) 351 745,040 48 

Policies not taken ; 45 77,500 00 

Policies in force at end of year (including $43,088.29 bonus addi- 
tions) 3,716 6,656,182 95 

Subscribed and sworn to, 25th February, 1893, by 

B. HAL. BEOWN, 

Manager for Canada. 
(Received, 27th February, 1893.) 



General Business Statement fob Year ending 31st December, 1892. 
(Abstracted from the Directors' Report, London, England, 26th April, 1893.) 

Although the average rate of interest on the total funds, invested and unin- 
vested, has for the past five years been £4 6s. 9d. per cent, still, having regard to 
the increasing difficulty of obtaining a good rate of interest, combined with 
undoubted security, the directors decided that the time had arrived for the valua- 
tion being based on the 3^ per cent H. M. Table for a large portion of the business, 
leaving at 4 per cent the Canadian and other sections, with the exception of the 
Indian portion, which has been valued at 3 per cent. This more stringent valuation 
of necessity involves a temporary sacrifice, but the change is so important in the 
interests of the company that the directors feel sure it will commend itself to all. 

Dealing with the business of the past year, the new assurances effected have 
exceeded those of any previous year. 

The number of proposals reoeived during the year was 2,422 for £ 891,064 

Deducting declined or not completed 312 " 102,732 

The policies issued were .2,110 " £788,332 

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240 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

LONDON AND LANCASHIRE LIFE— Continued. 

yielding a new premium income of £28,126 lis. 5d., showing an increase of 
£3,992 14s. 3d. over the previous year. 

The average age still keeps down, being 32*6 under the new policies, and 41*2 
under all the policies in force. 

The total premium income for the past year amounted to £183,967 0s. 4d., and 
deducting reassurance premiums, the net amount was £175,494 10s. 7d., showing 
an increase over the previous year of £10,329 Is. 6d. 

The claims by death, with bonus additions, amounted to £81,953 0s. 8d., 
under 222 policies, apart from those under matured endowments, which were 
£11,333 8s. 8d. 

The audited accounts show that the total income x of the year was 
£210,747 15s. 10d., including £35,188 7s. 3d. from interest and dividends, the 
average rate on the funds invested and uninvested being £4 8s. 9d. per cent. 
After payment of the dividend and bonus to the shareholders and all other outgo- 
ings there was a balance on the year's working of £58,285 10s. 8d., raising the 
total funds as at 31st December, 1892, to £840,096 14s. lid. 

The following table gives the annual addition to the funds and general pro- 
gress of the company during the last quinquennium : — 

NEW BUSINESS. 

Vzw Sums TK^^u,—. Increase Total 

Year ' Assured. Premiums - to Funds. Funds. 

1888 £590,230 £21,700 £56,416 £591,249 

1889 626,325 24,544 68,367 659,616 

1890 683,580 25,712 62,034 721,650 

1891 633,157 24,133 60,161 781,811 

1892 788,332 28,126 58,285 840,096 

Showing a total increase in the funds of £305,263 in five years. 

THE QUINQUENNIAL VALUATION. 

^Referring to what has been said in the opening paragraph of this report as to 
the basis of the valuation, the result is, as shown by the following statement, a sur- 
plus of £23,241 10s., after reserving, as a provision during the duration of the poli- 
cies, for future profits and expenses, the whole of what is termed the loading, that 
is, the difference between the premiums paid by the policy-holders and the " pare " 
or net premium. The value of such loading is £406,613. 

LIABILITIES. ASSETS. 

£ 8. d. £ s. d. 

Value of £5,430,568, assured by 15,- 

248 policies and one annuity of Value of £181.087 premiums 2,156,044 18 7 

£80 2,588,533 6 7 Less value of loading 406,613 14 2 

Surplus 23,244 10 

£1,749,431 4 5 

Value of reassurances 42,798 7 2 

Assurance fund 819,548 5 

£2,611,777 ^6_7 £2,611,777 16 7 

One-fifth of the surplus, viz., £4,648 18s., added to £548 9s. lid., the amount 
of the undivided surplus of 1887, will make £5,197 7s. lid., which belongs to the 
proprietors' fund. This, in addition to the ut>ual interest of 5 per cent, will enable 
a distribution to be made of 5 per cent by way of bonuB during the current five 
years, together 10 per cent. 

The balanoe of the surplus will provide a reversionary bonus of £2 10s. per 
cent for the five years on the whole life participating policies in force. 

The amount divisible on this occasion is smaller, not only on acconnt of the 
more stringent valuation, but likewise in consequence of the heavy mortality ex- 
perienced during the last three years of the quinquennium, largely due to the 
epidemic of influenza and to the claims being under some of the larger policies ; the 
number of deaths, however, having been well within the expectancy. 



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LIFE IN8URAN0* COMPANIES. 



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DEPARTMENT OF FINANCE — INSURANCE BRANOH. 




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LIFE INSURANCE COMPANIES. 243 

THE LONDON ASSURANCE CORPORATION OP LONDON, ENGLAND. 

Statement for the Year ending 31st December, 1892, 
Governor — Geo. Wm. Campbell. | Actuary — A. H. Bailey. 

Principal Office — No. 7, Royal Exchange, London, E.C. 

Attorney in Canada — E. A. Lillt. | Head Office in Canada — Montreal. 

(Incorporated, A.D. 1720. Commenced business in Canada, 1st March, 1862.) 

(For Capital and Assets in Canada, see Fire Statement.) 

LIABILITIES IN CANADA. 

* Amount computed to cover the net reserve on all outstanding policies 

in Canada $ 9,829 51 

Total net liability to policy-holders in Canada $ 9,829 51 

INCOME IN CANADA. 

Amount of premiums received in cash during the year on life policies 

in Canada $ 791 51 

EXPENDITURE IN CANADA. , 

Paid for commission in Canada $ 2 81 

Sundiy 41 

Total expenditure in Canada $ 3 22 



MISCELLANEOUS. 

Number of policies become claims in Canada during the year.. ..None. 

Number of policies in force in Canada at date 6 

Amount of said Policies *. $ 22,386 66 

Add bonus additions 4,249 02 

Total amount in force at 31st December, 1892 $ 26,635 68 



Number and amount of policies terminated during the year in Canada. Nil. 

No. Amount. 

Policies in force at beginning of year in Canada (including bonus 

additions, $4,249.02) 6 $ 26,635 68 

Bonuses added during the year Nil. 

Policies terminated as above Nil. 

Policies in force at end of year in Canada (including bonus addi- 
tion^ $4,249.02) 6 26,635 68 

'Based on the Institute of Actuaries' H. M. Table, 4J per cent interest. Computed by the Depart- 
ment. 

4— 16J 

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244 DEPARTMENT OF FINANOE — INSURANCE BRANCH. 

LONDON ASSUEANCE COEPORATION OF LONDON, ENGLAND— Con. 

Number of insured lives at beginning of year in Canada •• >. 6 

Number of insured whose policies nave been terminated daring 

the year 

Number of insured lives at date of statement 6 



Subscribed and sworn to, 9th March, 1893, by 
(Received, 10th March, 1893.) 



E. A. LILLY, 

Manager and Attorney, 



General Business Statement for the Year ending 31st December, 1892. 



{Abstracted from the Directors 1 Report, London, Eng. 9 22nd March, 1893.) 

life department. 

During the past year new assurances were granted under 424 policies for £280,- 
770, the premiums upon which amount to £10,625 17s. Id. per annum, and two re- 
versionary annuities of £860, subject to annual premiums of £107 10s. 7d. Reassur- 
ances have been effected for £38,000 and also for £400 per annum of the reversion- 
ary annuities at annual premiums of £1,093 10s. 2d. 

The premium income of the year, after deduction of reassurances and returns, 
amounted to £145,998 2s. Id., and the total income from all sources amounted to 
£227,590 Is. Id. 

Claims have arisen under 205 policies for £184,780, including £24,230 bonus 
additions. The total funds of the department on the 31st December, 1892, amounted 
to £2,006,573 lis. 7d. 

Revenue Accounts for the Year ending 3 1st December, 1892. 

LIFE ASSURANCE ACCOUNT— NON-PARTICIPATING SERIES. 



1891. 

Dec. 31 — Amount of life assurance 

fund at this date 

1892. 
Dec. 31 — Premiums after deduction of 
reassurance premiums and 

returns... 

Interest and di- 
vidends ....£30,008 8 7 
Less income tax 745 14 6 



s. d. 1892. 



s. d. 



703,609 16 6 



44,992 7 5 



Fees.. 



29,262 14 
57 5 



Dec. 31— Claims under life policies 
after deduction of sums re- 
assured 68,775 13 

Surrenders 2.753 6 8 

Annuities 3,697 2 5 

Commission 1,322 12 11 

Expenses of management (ap- 
poitioned) 3,638 1 

Abatement of premiums. . . . 7,313 13 3 

Portion of profits 
appropriated to 
shareholders 
carried to pro- 
fit and loss ac- 
count £13,000 

Less expenses of 
management as 

above 3,638 1 

9,361 19 11 

Amount of life assurance 
fund at this date, as per 
balance sheet 681,059 14 9 



3 



£777,922 3 



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/ 
LIFE INSURANCE COMPANIES. 245 

LONDON ASSURANCE CORPORATION OF LONDON, ENGLAND— Con. 

LIFE ASSURANCE AOCOU NT— PARTICIPATING SERIES. 

189L £ a. d. 1892. £ b. d. 

Dec. 31— Amount of life assurance Bee. 31— Claims under life policies 

fund at this date 1,316,128 3 6 after deduction of sums re- 

1892. assured 116,004 14 

Dec 31— Premiums after deduction of Surrenders 7,610 11 10 

reassurance premiums and Commission 3,880 15 2 

returns . 100,995 14 8 Expenses of management (ap- 

Interest and di- portioned) 8,166 6 8 

vidends £53,093 4 9 Bonus taken in abatement of 

Less income tax . 1,282 7 4 premiums . . 724 15 3 

51,810 17 5 Bonus paid in cash 127 5 

Profit on securities 471 2 6 Portion of profits 

appropriated to 
sharen o 1 d e r s 
carried to pro- 
fit and loss ac- 
count £15,544 

Less expenses of 
management as 

s above 8,166 6 8 

7,377 13 4 

Amount of life assurance 
fund at this date, as per 
balance sheet 1,325,513 16 10 

£ 1,469,405 18 1 £1,469,405 18 1 

(For Balance Sheet, see Fire Statement.) 



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246 DEPARTMENT OF FINANCE — INSUBANOI BRANCH. 

THE LONDON LIFE INSURANCE COMPANY. 

4 

Statement fob the Year ending 31st December, 1892. 

President— Joseph Jeppery. 

Secretary and Agent — John G. Bichter. | Head Office — London, Ont. 

(Incorporated, March, 1874. Commenced business in Canada, July, 18*74. Dominion 
license issued, 7th December, 1885.) 



CAPITAL. 



Amount of joint stock capital authorized $1,000,000 00 

do do subscribed for 225,000 00 

do do paidupincash 33,750 00 

{For List of StockJiolders, see Appendix.) 



ASSETS A8 PER LEDGER ACCOUNTS. 

Amount secured by way of loans on real estate by bond or mortgage, 

first liens $ 141,786 68 

Amount of loans secured by bonds, stocks or other marketable col- 
laterals 13,839 38 

Viz. : — Upon stock of, 

50 shares Ontario Loan and Debenture 

Company ... .$ 

32 shares Ontario Loan and Debenture 

Company, 20 per cent .... 

1,260 shares London and Life Insurance 

Company . . 

40 shares Agricultural Savings and Loan 

Company 



Par 

valua 


Market 
value. 


Amount 
loaned. 


2,600 00 


$ 3,250 00 


g 2,200 00 


320 00 


400 00 


320 00 


18,900 00 


22,680 00 


9,769 38 


2,000 00 


2,300 00 


1,550 00 



3 23,720 00 $ 28,630 00 $ 13,839 38 

Amount of loans as above on which interest has not been paid* 

within one year previous to statement , Nil. 

Amount of loans made to policy-holders on the Company's policies 

assigned as collaterals 16,286 50 

Stocks and bonds held by the company, viz. : — 

Par Market Ledger 

value. value. value. 

Ontario Loanand Debenture Company stock.* 50,000 00 $ 65,000 00 $ 62,500 00 

do do 20 p.c. stock 10,000 00 12,500 00 11,900 00 

Dominion SavingBand Investment Company 

stock 1,25000 1,225 00 1,125 00 

Canadian Savings and Loan Company stock 5,000 00 6,250 00 6,000 00 

Agricultural Savings and Loan Company 

Btock 2,60000 2,99000 2,990 00 

Huron and Erie Loan and Savings Com- 
pany stock. 1,600 00 2,592 00 2,448 00 

Huron and Erie Loan and Savings Com- 
pany 20 per cent stock 160 00 248 00 232 00 

"Ontario Loan and Debenture Company 

debentures. 60,000 00 60,000 00 60,000 00 

Total $130,610 00 $150,805 00 $ 147,195 00 



* In deposit with the Receiver-General. • 

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LIFE INSURANCE COMPANIES. 247 

THE LONDON LIFE INSURANCE COMPANY— Continued. 

Carried out at ledger value $ 147,195 00 

Cash at head office 931 88 

Cash in bank 3,413 85 

Total $ 323,453 29 

OTHER A88ET8. 

Interest, due $ 452 99 

Interest accrued 7,874 81 

Total interest 8,327 80 

Gross premiums due and uncollected on policies in force $ 47 32 

Gross deferred premiums on same 8,577 34 

Total outstanding and deferred premiums ... S 8.624 66 

Deduct cost of collection at 10 per cent 862 46 

Net outstanding and deferred premium* 7,762 20 

Short dute notes for premiums on policies in force, less 10 per cent for 

collection 1,114 98 

Total net assets . $ 340,658 27 

LIABILITIES. 

* Amount computed to cover the net present value of all policies in force $ 288,186 44 

Deduct value of policies reinsured in other licensed companies 1,109 00 

Net reinsurance reserve $ 287,077 44 

Claims for death losses unadjusted but not resisted 1,610 50 

Amount of dividends or bonuses to policy-holders accrued 1,581 18 

Advanced premiums 131 34 

Contingent fund, to cover all outstanding accounts 2,000 00 

Proprietors' account 6,026 36 

Total liabilities S 298,426 82 

Surplus on policy-holders' account $ 42,231 45 

Capital stock paid-up $ 33,750 00 

Surplus above all liabilities and capital $ 8,481 45 

INCOME DURING THE TEAR. 

Cash received for premiums (including industrial, $65,212.34) $ 103,773 13 

Premiums paid by dividends 1,897 50 

Total $ 105,670 63 

Deduct premiums paid to other companies for reinsurance.. 201 60 

Net premium income $ 105,469 03 

Amount received for interest or dividends on stock, &c 16,103 17 

Total income < 121,572 20 

•Reserve based on Institute of Actuaries' H. M. Table of Mortality, with 4} per cent interest for 
General policies and Combined Experience Table with 4 per cent interest for Industrial policies. 

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248 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE LONDON LIFE INSURANCE COMPANY— Continued. 

< EXPENDITURE DURING THE YEAR. 

Cash paid for death losses, including $13,152.59 industrial $ 28,907 15 

($3,216 of this amount accrued in previous years.) 

Cash paid for matured endowments 3,733 33 

Cash paid for surrendered policies 866 70 

Cash dividends applied in payment of premiums 1,K97 50 

Cash paid to stockholders tor interest or dividends 2,355 78 

Cash paid for commissions, salaries and other expenses of officials 34,374 66 

Taxes, &c 206 33 

Miscellaneous payments, viz. : — Medical examination fees, $1,249.00; 
travelling expenses, $1,264.54; postage and exchange, $343.98 ; 
printing and stationery, $914.35; advertising, $80.00 ; rent, $932.00; 
sundries, including water, light, periodicals, cleaning offices, &c, 
$477.02; commission on investments, $419.81; legal expenses, 
$105.22; office furniture, $171.00 5,956 92 

Total expenditure $ 78,298 37 

MISCELLANEOUS. 

Number of policies reported during the year as taken in Canada 

—general, 175; industrial, 9,658 9,833 

Amount of said policies— general $ 190,500 00 

do do industrial 918,368 00 

Total $1,108,858 00 

Number of policies become claims during the year — general, 21; 

industrial, 193 214 

Amount of said claims (including matured endowments)— general $ 18,086 i 

;riaL. 



do do industrial 12,949 09 



31,034 98 



Number of policies in force in Canada at date — general, 1,588; 

industrial, 15,786 17,374 

Amount of said policies— general $ 1,527,684 44 

do do industrial 1,498,07100 

Total $3,025,75644 

Amount of said policies reinsured in other licensed companies in Canada- 
general 5,000 00 

Net amount in force, 31st December, 1892 3,020,755 44 



Number and amount of policies terminated during the year in Canada: — 

No. Amount 

1. By death— general 14 $ 14,352 56 

do industrial 193 12,949 09 

2. By maturity— general 7 3,733 33 

3. By surrender do 9 15,000 00 

(For which cash value has been paid, $866.70) 

4. By surrender, $21,000. 

(For which paid-up policies have been granted to 

amount of $3,106.04.) 
Difference of amounts carried out 17,893 96 

5. By lapse— general 160 196,905 44 

do industrial , 6,057 582,370 91 

Total 6,440 $ 843,205 29 



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LIFE INSURANCE COMPANIES. 249 

THE LONDON LIFE INSURANCE COMPANY— Concluded. 

No. Amount. 

Policies in force at beginning of year — general 1,602 $1,584,069 73 

do do industrial 12,378 1,175,033 00 

Policies revived daring the year — general 1 1,000 00 

Policies issued during the year do 175 190,500 00 

do do industrial 9,658 918,358 00 

Policies terminated as above 6,440 843,205 29 

Policies in force at date of statement — general 1,588 1,527,684 44 

do do industrial , 15,786 1,498,07100 



Number of insured lives at beginning of year — general 1,540 

Number of new insurers during the year do 173 

Number of deaths during the year among insured do 12 

Number of insured whose policies have been terminated 

during the year otherwise than by death — general 169 

Number of insured lives at date of statement do 1,532 

Number of insured lives, industrial policies, not known. 

Subscribed and sworn to, 27th Pebuary ; 1893, by 

JOSEPH JEFFERY, 

President, 

JOHN G. EICHTEE, 

Secretary. 



(Beceived, 1st March, 1893.) 



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250 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE MANUFACTUKEKS' LIFE INSURANCE COMPANY. 

Statement for the Year ending 31st December, 1892. 

President — I Managing Director and Chief Agent — 

Geo. Gooderham. | John F. Ellis. 

Principal Office — Tornnto, Ont. 

(Incorporated, 23rd June, 1887. Commenced business in Canada, 19th August,1887.) 

capital. 

Amount of joint stock capital authorized $2,000,000 00 

Amount subscribed for 621,000 00 

Amount paid up in cash 127,320 00 

(For List of Stockholders, see Appendix.) 

A88ET8 A8 PER LEDGER ACCOUNTS. 

Amount secured by way of loans on real estate, by bond or mortgage, 

first Hens $ 322,618.22 

Amount of loans made to policy-holders on the company's policies 

assigned as collaterals 3,171 20 

Stocks, bonds and debentures owned by the company, viz.: — 

Par value. Market value. 

Dominion Government bonds $ 50,000 00 $ 53,000 00 

Huntsville debentures 4,795 00 4,800 00 

West Toronto Junction debentures 45,486 31 51,957 26 

Sault Ste. Marie bonds 5,704 00 

Total par and market values $ 100,281 31 $ 115,461 26 

Carried out at market value 115,461 26 

Cash at head office 5.891 73 

Cash in Traders' Bank of Canada 6,097 21 

Bills receivable 772 87 

Agents' balances 3,376 38 

Mortgages on life interests 440 00 

Eeversions 3,853 00 

Total * 463,283 74 

OTHER AS8ET8. 

Interest due $ 2,402 91 

do accrued 5,237 05 

Total canied out 7,639 96 

Gross premiums due and uncollected on policies in force $ 47,622 34 

Gross deferred premiums on same 19,656 69 

Total outstanding and deferred premiums $ 67,279 03 

Deduct cost of collection at 10 per cent 6,727 90 

Net outstanding and deferred premiums 60,551 13 

Office furniture 4,200 00 

Fire premiums 392 25 

Total assets $ 536,067 08 



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LIFE INSURANCE COMPANIES. 251 

THE MANUFACTURERS 1 LIFE INSURANCE COMPANY— Continued. 

LIABILITIES. 

* Amount computed to cover the net present value of all policies in force $ 401,351 00 

Deduct value of policies reinsured in other companies 15,410 00 

Net reinsurance reserve $ 385,941 00 

Claims for death losses, unadjusted but not resisted $ 10,000 00 

do resisted, in suit 5,000 00 

Total claims for death losses 15,000 00 

Due on account of general expenses (medical fees) 1,348 65 

Premiums paid in advance 100 74 

Total liabilities .$ 402,390 39 

t Surplus of assets over liabilities for protection of policy-holders $ 133,676 69 

Capital stock paid up 127,320 00 

Surplus above all liabilities and capital stock $ 6,356 69 

INCOME. 

Cash received for premiums $ 223,778 99 

Deduct premiums paid to other companies for reinsurance 11,537 05 

Total premium income $ 212,241 94 

Received for interest or dividend** 18,038 89 

Total income y .$ 230,280 83 

EXPENDITURE. 

Cash paid for death losses $ 56,63197 

Deduct received from other companies for reinsurance 5,000 00 

Net amount paid for death losses ($6,000 of which accrued in previous 

years) ;.... $ 51,631 97 

Cash paid for surrendered policies % 3,380 20 

Cash paid for commissions, salaries and other expenses of officials 57,665 00 

Cash paid for taxes, licenses, fees and fines 1,064 15 

Rent • 3,039 77 

Office furniture 261 98 

Miscellaneous payments, viz. : — Commissions on loans, $435.09; print- 
ing and advertising, $4,316 35 ; postages, telegrams and express, 
$1,619.67; directors' fees, $l,03t>.67; medical fees, $5,615.50 ; law 
costs, $1,269.55 ; light account, $107.41 ; offices supplies, $1,422.34 ; 
valuation fees, $71.00; auditors' fees, $200 ; legal commercial ex- 
change, $165; insurance superintendence, $95.52; telephones, 
$109^4; exchange, $379.96; sundry expenses, $702.43 17,566 33 

Total expenditure $ 134,509 40 

* Based on Institute of Actuaries' H.M. 4£ per cent Table. 

tThe above assets include a sum of $100,000 in mortgages and other securities advanced by certain of 
the Directors of the Company under an instrument dated 19th December, 1889, executed by said Directors 
and by a large proportion of the shareholders, wherein, after reciting that the Company has incurred large 
outlays and expended a large amount of its assets whereby a portion of the capital thereof has been in- 
Tested in a manner which, though advantageous to the company and its policy-holders and stockholders, 
unavoidably appears in the Company's books as an impairment of capital, it is declared and agreed that 
the amount so advanced should not be directly or indirectly a liability of the Company but a payment by 
such Directors on their personal account to cover the above mentioned outlays, so that the same shall not 
be deemed to have been made out of the assets of the Company. Under this agreement the amount so 
advanced is to stand as security to the policy-holders of the Company as distinguished from said share- 
holders in the event of the Company discontinuing its business, and to that extent is to be treated as 
capital. 

Out of the above sum of $100,000 there has, since the beginning of the year 1893, been voluntarily paid 
to the directors, who advanced it, by the shareholders, the sum of $60,000, thus leaving on the 1st July, 1893, 
onlv the sum of $40,000 of the company's assets which are subject to the agreement of 16th December, 1889, 
and it is expected that by the end of the present year the last mentioned sum will have been voluntarily 
contributed by the shareholders and said agreement wholly cancelled. 



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252 DEPARTMENT OF FINANCE— INSURANCE BRANCH. 

THE MANUFACTURERS' LIFE INSURANCE COMPANY— Concluded. 



MISCELLANEOUS. 

Number of policies reported daring the year as taken in Canada.. 1,330 

Amount of said policies » $2,007,250 00 

Amount of said policies reinsured in other licensed companies in Canada. 114,000 00 

Number of policies become claims during the year 28 

Amount of said claims 71,000 00 

Amount of said claims reinsured in other licensed companies in Canada 10,000 00 
Number of policies in force in Canada at date .... 4,992 

Amount of said policies (including bonus additions, $218) $8,136,989 00 

Amount of said policies reinsured in other licensed companies in Canada (in- 
cluding $1,312.50 bonus additions 630,313 50 

Net amount in force 31st December, 1892 , 7,506,675 50 

Number and amount of policies terminated during the year- 
No. Amount. 

1. Bydeath 28 $ 71,000 00 

2. By expiry 1 5,000 00 

3. By surrender 55 78,722 00 

(For which cash value has been paid $ 3,357.00) 

4. By surrender $50,000.00 , 

(For which paid-up policies have been granted to the 

amount of $7,182.) 
Difference of amounts carried out 42,818 00 

5. By lapse 587 861,700 00 

Total 671 $1,059,240 00 



Policies in force at beginning of year 4,468 $7,413,761 00 

Bonuses added 218 00 

Policies issued during the year 1,352 2,070,250 00 

Policies revived „ 54 77.000 00 

Policies terminated as above 671 1,059,240 00 

Policies terminated by reduction of sum insured 61,000 00 

Policies terminated otherwise, not taken 211 304,000 00 

Policies in force at date of statement 4,992 8,136,989 00 



Number of insured lives at beginning of year 4,340 

Number of new insurers during the year 1,318 

Number deaths during the year among the insured 26 

Number of insured whose policies have been terminated other- 
wise than by death 827 

Number of insured lives at date of statement 4,805 

Subscribed and sworn to, 1st March, 1893, by 

GEO. GOODERHAM, 

President. 

JNO. F. ELLIS, 

Managing Director. 

(Received, 3rd March, 1893.) 

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LIFS INSURANCE COMPANIES. 253 

THE METROPOLITAN LIFE INSURANCE COMPANY. 



Statement tor the Year ending 31st December, 1892. 
President — John R. Heqkman. | Secretary — George H. Gaston. 

Principal Office— 32 to 36 Park Place, New York City. 

Agent in Canada — Albert Goldthorpe. | Head Office in Canada — Toronto. 

(Incorporated, June, 1866. Commenced business in Canada, November, 1872.) 



capital. 
Amount of capital authorized, subscribed for and paid up in cash $2,000,000 00 

ASSETS IN CANADA. 

Premium obligations on Canadian policies in force $ 3,465 67 

Canadian Pacific HJ percent land grant bonds in deposit with Receiver- 
General, par value, 8116,800; market value 121,200 00 

Total assets in Canada $ 124,665 67 

LIABILITIES IN CANADA. 

* Amount computed to cover the net reserve on all outstanding polioies.8 83,260 00 

Claims for death losses unsettled, unadjusted but not resisted 596 00 

do resisted, in suit 396 00 

Total net liabilities to policy-holders in Canada $ 84,252 00 

INCOME IN CANADA. 

Premiums received in cash on life policies in Canada 8 59,761 49 

EXPENDITURE IN CANADA. 

Amount paid on account of death claims (including industrial) 8 21,029 75 

Cash paid for surrendered policies 2,967 39 

Premium obligations used in purchase of surrendered policies 552 08 

The same voided by lapse 153 30 

Cash dividends paid to Canadian policy-holders ; 834 00 

Premium obligations used in payment of dividends to policy-holders in 

Canada 48 89 

Total net amount paid to policy-holders in Canada 8 25,585 41 

Cash paid for commission, salaries and other expenses of officials 22,692 24 

do licenses or taxes 212 71 

Total expenditure in Canada 8 48,490 36 

* Reserve at 4 per cent, based on Combined Experience Table. 

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254 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

METROPOLITAN LIFE— Continued. 

PREMIUM NOTE ACCOUNT. 

Premium obligations on hand at commencement of year $ 4,177 96 

do received during the year. 107 92 



Total..... $ 4,285 88 

Amount of obligations used in purchase of surrendered policies S 652 08 

do used in payment of dividends to policy-holders 48 89 

do voided bv lapse. .• 153 90 

do redeemed in cash 65 94 

Total deductions 820 21 



Balance, note assets at the end of the year $ 3,46*5 67 

MISCELLANEOUS. 

Number of new policies reported during the year as taken in 

Canada— General, 0; industrial, 5,031 5,031 

Amount of said policies — General Nil. 

do Industrial $ 560,554 00 



$ 560,554 00 



21,029 75 



Number of policies become claims in Canada during the year 

General, 2; industrial, 260 262 

Amount of said claims— General $ 1,904 00 

do Industrial 19,125 75 

Number of policies in force in Canada at date — General, 98, 

industrial, 12,571 12,669 

Amount of said policies — General. 8 182,180 00 

do Industrial 1,206,114 00 

Net in force at 31st December, 1892 1,388,294 00 



Number and amount of policies terminated in Canada during the year: — 

tfo. Amount 

1. By death— General 2 $ 1,904 00 

do Industrial 260 19,125 75 

2. By surrender— General 5 10,000 00 

(For which $2,967.39 cash value has been paid.) 

3. By lapse— Industrial 4,996 767,946 25 

Total— General 7 $ 11,904 00 

do Industrial 5,256 787,072 00 



Policies in force at beginning of year — General 106 $ 195,084 00 

do do Industrial 12,795 1,431,632 00 

Policies issued during the year — Industrial 5,031 560,554 00 

Policies terminated as above 5,263 798,976 00 

Policies in force at date of statement — General 98 182,180 00 

do do Industrial 12,571 1,206,114 00 



Number of insured lives — No return. 

Subscribed and sworn to, by 

GEOEGB H. GASTON, 

Secretary. 
ALBERT GOLDTHOEPE, 

Chief Agent. 
(Received, 27th February, 1893.) 



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LIFE INSURANCE C0MPANIE3. 255 

METROPOLITAN LIFE— Continued. 

General Business Statement for the Year ending 31st December, 1892. 

{As returned to the Superintendent of Insurance, State of New York.) 

INCOME DURING THE TEAR. 

Total premium income $ 12.514.078 07 

Received for interest and dividends 688,890 47 

Discount on claims paid in advance '. 2,159 04 

Received for rent 33,774 99 

Profits on bonds and stocks sold, agents' deposits, &c 68,908 88 

Total income < 13,307,811 45 

DISBURSEMENTS DURING THE YEAR. 

Total amount paid for losses and matured endowments $ 4,900,981 86 

Cash paid for surrendered policies . 19,433 00 

Cash dividends paid to policy-holders 12,529 71 

Cash paid to stock-holders for interest for dividends 140,000 00 

Commissions to agents 2,006,791 37 

Cash paid for salaries of officers 343.094 82 

Commuting commissions.. .< 1,453,799 91 

Rents 26,408 30 

Taxes 105,274 35 

Salaries and travelling expenses of managers of agencies and agents. 1,038,228 72 

Medical examiners' fees 96,369 54 

Sundry expenses 352,271 49 

Total disbursements t 10,495,183 07 



ASSET8. 

Cost value of real estate, unencumbered $ 2,673,720 47 

Loans on bonds and mortgages, first liens, on real estate 9,112,850 00 

Loans to policy-holders on the company's policies assigned as 

collaterals 16,216 25 

Premium notes, loans or liens on policies in force 108,871 60 

Cost value of stocks and bonds owned 4,149,284 25 

Cash on hand and in banks 211,898 11 

Total net or ledger assets 8 16,272,840 68 

OTHER ASSETS. 

Interest due and accrued 172,775 28 

Rents due and accrued 258 34 

Market value of bonds and stocks over cost 3,060 75 

Net amount of uncollected and deforred premiums 57,347 17 

Total assets S 16,506,282 22 



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256 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

METEOPOLITAN LIFE— Concluded. 

LIABILITIES. 

*Net reinsurance reserve $ 11,341,093 00 

Total unsettled claims 74,553 16 

Unpaid dividends or surplus or other description of profits due policy- 
holders 47,016 73 

Premiums paid in advance 85,317 84 

Special reserve 1,283,631 00 

Total liabilities $ 12,831,611 73 

Gross surplus on policy-holders* account $ 3,674,670 49 

RISKS AND PREMIUMS. 

General. No. Amount 

• Number of new policies issued during the year 1,704 

Amount of said policies $ 2,002,641 00 

Number of policies terminated during the year 411 * 

Total amount terminated 454,223 00 

Number of policies in force at date 4,446 

Net amount of said policies 5,316,300 00 

Industrial. 

Number of new policies issued and old policies revived 1,141,828 

Amount of said policies 127,222,476 00 

Number of policies terminated during the year 704,901 

Total amount terminated 76,710,781 00 

Number of industrial policies in force at date 2,715,414 

Amount of said policies . 305,451,5*76 00 

Subscribed and sworn to, by 

JOHN R HEGEMAN, 

President. 

GEOEGE H. GASTON, 

Secretary. 

New York, 18th January, 1898. 

•Computed according to the Actuaries or Combined Experience Table of Mortality, with 4 per cent 
interest. 



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LIFE INSURANCE COMPANIES. 257 

THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK. 



Statement fob the Year ending 31st December, 1892. 
President — Richard A. McCurdy. | Secretary — Wm. J. Easton. 

Principal Office— 32 Nassau Street, New York City. 
Attorney in Canada — S. H. Ewino. | Head Office in Canada — Montreal* 

(Incorporated, 12 th April, 1842. Commenced business in Canada, 1st September, 1885.) 



No capital. 



ASSETS IN CANADA. 

Bonds, Ac, in deposit with Receiver-General : — 

Par value. Market value. 

Dominion of Canada 4 per cent bonds $ 126,000 00 $ 131,250 00 

Province of Nova Scotia 4 per cent bonds 400,000 00 412,352 00 

Province of New Brunswick 4 per cent bonds 199,000 00 209,825 50 

City of Montreal 4 per cent bonds 365,000 00 307,445 50 * 

City of Ottawa 5 per cent bonds 40,000 00 42,360 00 

City of Guelph 5 per cent bonds 124,000 00 136,201 80 

City of Toronto 4 per cent bonds 461,000 00 461,000 00 

Total par and market values $ 1,714,000 00 $ 1,760 , 434 80 

s - . — . . . . . . 

Carried out at market value $1,760,434 80 

Agents' ledger balances in Canada Nil. 

Gross premiums due and uncollected on Canadian policies in force $34,428 27 

Gross deferred premiums on Same 39,571 18 

Total outstanding and deferred premiums $ 73,999 45 

Deduct cost of collection at 10 per cent 7,399 95 



Net outstanding and deferred premiums , ... 66,599 50 

Total assets in Canada $1,8 27,034 3 

LIABILITIES IN CANADA. 

♦Amount computed to cover tho net reserve or reinsurance value of all 

outstanding policies in Canada 81,956,826 00 

Claims for death losses, due and unpaid , 1,083 00 

Total liabilities in Canada 81,957,909 00 

INCOME IN CANADA. 

Amount of premiums received in cash during the year on life policies 

in Canada 8 623,481 03 

Amount received for annuities 6,889 70 

Total premium income 8 630,370 73 

Amount received for interest or dividends. . 70,200 00 

Total income in Canada 8 700,570 73 



1 Based on the Combined Experience Table, with 4 per cent interest. 
4—17 



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258 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

MUTUAL LIFE— Continued. 

EXPENDITURE IN CANADA. 

Amount paid during the year on account of claims in Canada : — 

On account of death claims $156,502 40 

On account of matured endowments ^ 1,057 57 

Net amount paid on account of claims $ 157,559 97 

Amount paid to annuitants 2,454 30 

Gosh paid for surrendered policies 1H,820 00 

Gash dividends paid to Canadian policy-holders 10,0*77 44 

Total amount paid to policy-holders in Canada $ 183,911 71 

Cash paid for commissions in Canada 108,273 26 

Licenses or taxes 1,828 43 

Office and miscellaneous expenses 16,744 52 

Total expenditure in Canada $ 310,757 92 



MISCELLANEOUS. 

Number of new policies reported during the year as taken in 

Canada 1,042 

Amount of said policies $2,247,015 00 

Number of policies become claims iu Canada during the year v ...52 

Amount of said claims 158,642 97 

Number of policies in force in Canada at date 5,928 

Amount of said policies $ 14,572,810 00 

Bonus additions 290,882 00 

Net amount in force, 31st December, 1892 14,863,692 00 



Number and amount of policies terminated during the year in Canada: — 

No. Amount 

v 1. By death (including bonus additions, $15,885.40) 51 $ 157,585 40 

2. By maturity (including bonus additions, $57.57) 1 1,057 57 

3. By expiry 1 5,000 00 

4. By surrender (including bonus additions, $1,367) 49 80,740 00 

(For which cash value has been paid $13,820.) 

5. By surrender, $255,500. 

(For which paid-up policies have been granted to the 
amount oi $60,378.) 
Difference of amounts carried out 195,122 00 

6. By lapse (including bonus additions, $328) 453 943,578 00 

Total (including bonus additions, $17,637.97) 555 $1,383,082 97 



No. Amount 

Policies in force at beginning of year in Canada (including 

bonus additions, $264,545) 5,236 $13,099,306 00 

Policies issued and restored during the year .I,2ti4 3,154,994 00 

Bonuses added during the year 43,975 00 

Policies terminated as above (including bonus additions, $17,638). 555 1,383,083 00 



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LIFE IN8URANCE COMPANIES. 259 

MUTUAL LIFE— Continued. 

No. Amount. 

Policies cancelled < 17 $ 51,500 00 

Policies in force at date of statement (including bonus addi- 
tions, $290,882.) 5,928 14,863,692 00 



Number of insured lives — No return. 

Subscribed and sworn to, 1st March, 1893, by \ 

PAYETTE BROWN, 

Manager. 
(Received, 2nd March, 1893.) 



General Statement foe the Year ending 31st December, 1892. 

{As returned to the Superintendent of Insurance, State of New York.) 

\ 

INOOME DURING THE YEAR. 

Total premium income $ 32,047,765 34 

Received for interest and dividends 7,128,928 74 

do rents 732,003 33 

Contingent and guarantee account 330,167 83 

Total income 8 40,238,865 24 



DISBURSEMENTS DURING THE TEAR. 

Cash paid for losses and matured endowments $ 12,078,615 59 

Cash paid to annuitants 272,110 90 

Cash paid for surrendered policies and additions 4,351,376 60 

Cash dividends paid policy-holders 2,684,429 37 

Commission to agents 4,083,533 71 

Legal expenses 157,398 94 

Medical examiners' fees and salaries 321,217 67 

Salaries of officers and office employees 449,677 40 

Taxes 410,322 37 

Rent 140,000 00 

Paid for general expenses, &e 1,857,460 99 

* _ — — ___^ 

Total disbursements t 26,806,143 54 



A8SETS. 

Real estate, unencumbered $ 15,638,884 26 

Loans on bond and mortgage, first liens on real estate 69,348,092 54 

Loans on collaterals 10,394,597 50 

Book value of stocks and bonds 60,905.349 64 

Cash on hand and in banks 7,806,672 55 

Suspense account ; 3,772 28 

Commuted commissions 957,389 44 

Agents' ledger balances 148,195 79 

Total net or ledger assets $165,202,954 00 

4 ~ 17i Digitized by G00gk 



260 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

MUTUAL LIFE— Concluded. 

OTHER A88ETS. 

Interest due and accrued $ 980,204 12 

Rents due and accrued 78,232 96 

Market value of stocks and bonds over book value 4,915,085 25 

Net amount of uncollected and deferred premiums 3,907,680 28 

Total assets $175,084,156 61 

Deduct items not admitted 1,890,893 57 

Total net assets $173,193,263 04 

LIABILITIES. 

*Net reinsurance reserve $158,192,518 00 

Total policy claims 547,830 93 

Premiums paid in advance 37,680 74 

Non-forfeiture clause in policies 149,344 00 

» 

Total liabilities on policy-holders' account $158,927,373 67 

Gross surplus on policy-holders' account $ 14,265,889 37 

MISCELLANEOUS. 

Number of new policies issued during the year 51,860 

Amount of said policies $140,802,222 00 

Number of policies terminated 35,351 

Amount of said policies 112,633,823 00 

Number of policies in force at date 246,650 

Amount of policies in force (including bonus additions) 745,780,083 00 

Subscribed and sworn to, by 

ISAAC P. LLOYD, 

2nd Vice-President. 
W. J. EASTON, 

Secretary. 

New York, 25th February, 1893. 

•Computed by New York State Insurance Department according to Actuaries' or Combined Experience 
Table of Mortality, with 4 per cent interest. 



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LIFE INSURANCE COMPANIES. 261 

THE NATIONAL LIKE INSURANCE COMPANY OP U.S. OP AMERICA. 

Statement for the Year ending 31st December, 1892. 

President — Van H. Hiqoins. | Secretary— J. H. Nitohie. 

Principal Office — Washington, D.C. 

Agent in Canada— Charles Powis. I Head Office in Canada — 

] 64 King St., East, Hamilton, Ont. * 

(Incorporated, 25th July, 1868. Commenced business in Canada, 11th June, 1876.) 

( ________ 

CAPITAL. 

Amount of capital authorized, subsciibed for and paid up in cash $1,000,000 00 



ASSETS IN CANADA. 

Cash in Bank of Montreal, in deposit with Beceiver-General 8 110,000 00 

Gross deferred premiums on Canadian policies in force $ 228 99 

Deduct cost of collection, at 10 per cent 22 90 

Set deferred premiums 206 09 

Total assets in Canada $ 110,206 09 

LIABILITIES IN CANADA. 

* Amount computed to cover the net reserve on all outstanding policies 

inCanada $ 75,605 05 

Claims for death losses, adjusted but liot due 150 00 

Claims for matured endowments due and unpaid 134 00 % 

Total net liabilities to policyholders in Canada I 75,889 05 

INCOME IN CANADA. 

Premiums received in cash during the year on life policies in Canada. $ 2,387 97 

EXPENDITURE IN CANADA. 

Netamount paid on account of death claims $ 6,449 00 

Paid for matured endowments 200 00 

Amount paid for surrendered policies 1,487 00 

Total net amount paid to policy -holders in Canada $ 8,13,6 00 

Cash paid for salaries of officials in Canada 10 00 

Cash paid for licenses, taxes, &c 6 62 

Total expenditure in Canada $ 8,152 62 

* Reserve based upon Institute of Actuaries' H. M. Table of Mortality, with 4£ per cent interest. 
Computed by the Department. 



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262 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

NATIONAL LIFE— Continued. 

MISCELLANEOUS. 

No. Amount. 

Number of policies become claims in Canada during the year.... 9 

Amount of said claims < 4,799 00 

Number of policies in force in Canada at 31st December, 1892... 164 

Amount of said policies $ 165,579 00 

Return premium policies not yet full paid 3,060 00 

Total net amount in force at 31st December, 1892 168,639 00 

Number and amount of policies terminated during the year in Canada: — 

, No. Amount 

1. By death 8 * 4,599 00 

2. By maturity 1 200 00 

3. By surrender 3 4,000 00 

(For which cash value has been paid, $1,487.00.) 

Total 12 $ 8,799 00 



No. Amount 

Policies in force at beginning of year r 175 $ 173,409 00 

do transferred from head office 1 969 00 

do terminated as above during the year 12 8,799 00 

do in force at date of statement (exclusive of $3,060.00 re- 
turn-premiums on policies not yet full paid) 164 165,579 00 



Number of insured lives at beginning of year 159 

do deaths during the year 4 

do insured whose policies have been terminated other- 
wise than by death 4 

do insured lives at date of statement.. 151 

Subscribed and sworn to, 25th February, 1893, by 

J. H. NITCHIB, 

Secretary. 
(Beceived, 27th February, 1893.) 



General Business Statement for the Year ending 31st December, 1892. 
{As furnished to the Commissioners of the District of Columbia.) 

INCOME. 

Total premium income $ 23,742 77 

Cash received for interest, and other receipts 130,972 48 

Total income .-..< 154,715 25 

DISBURSEMENTS. 

Total amount paid for losses, matured endowments and surrender 

values $ 102,134 97 

General expenses, and other disbursements ' 97,704 85 

Total disbursements > 199,839 82 



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LIFE IN8URAN0E COMPANIES. 263 ■ 

NATIONAL LIFE— Concluded. 

AS8ET8. 

Keal estate $ 647,758 85 

Loans on bonds and mortgages on real estate 392,444 73 

Loans secured by collaterals 600,000 00 

Loans secured by policies -• 6,761 23 

Market value of bonds or stock owned 522,031 01 

Cash on hand and in banks 30,208 67 

Bills receivable 300 00 

Contract^ for the sale of real estate 14,750 00 

Ledger balances 12,709 15 

Interest and rents, due and accrued 14,180 19 

Deferred and uncollected premiums (net) 2,190 34 

Total $2,243, 334 17 v 

LIABILITIES. 

*Not reinsurance reserve $ 954,849 00 

Total unsettled claims 11,744 00 

Other liability 22,901 02 

Total liabilities on policy-holders' account ■ t 989,494 02 

Gross surplus on policy-holders' account $ 1,253,840 15 

Capital stock paid-up , 1,000,000 00 



Subscribed and sworn to, 25th February, 1893, by 



VAN. H. HIGGINS, 

President. 

J. fl. NITCH1B, 

Secretary. 



'Computed according to the American Table of Mortality, with 4J per cent interest. 



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264 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE NEW YORK LIFE INSURANCE COMPANY. 



Statement for the Year ending 31st December, 1892. 
President — John A. MoCall. | Secretary — Chas. C. Whitney. 

Principal Office— 346 and 348 Broadway, New York. 
Attorney in Canada— P.W.Campbell, M.D. | Head Office in Canada— Montreal. 

Superintendent — David Burke. 
(Incorporated, 21st May, 1841. Commenced business in Canada abont 1868.) 



No Capital. 



ASSETS IN CANADA. 

Real estate — Stone building, corner of Place D'Armes" Square and St. 

James St., Montreal (free of oncumbrance) . $ 500,000 00 

Amount secured by way of loans on real estate by bond or mortgage 

first liens (Toronto Board of Trade, Toronto) 275,000 00 

Amount of loans to Canadian policy-holders on the company's policies 
assigned as collaterals (on policies issued subsequent to 3l6t 
March, 1878) 5,429 00 

Premium obligations on Canadian policies in force ($8,809.64 on poli- 
cies issued subsequent to 31st March, 1878) 9,351 64 

Stocks, bonds or debentures, viz. : — 

Par value. Market value. 

United States 4 per cent consols $ 100,000 00 $ 113,500 00 

Canadian Pacific 5 i*>r cent R.R. bonds.. 993,000 00 1,079,887 50 

City of Ottawa debentures 100,000 00 108,287 70 

Province of Quebec 5 i>er cent bonds / 80,000 00 87,872 25 

West Shore R.R. 4 per cent bonds 480,000 00 489,600 00 



$1,7 53,000 00 $1,879 ,147 45 

Carried out at market value 1,879,147 45 

Cash in Bank of Montreal 94,443 39 

Agents' ledger balances in Canada 7,075 71 

Interest accrued 13,495 84 

Rents accrued 7,500 00 

Gross premiums due and uncollected on Canadian policies in force $ 81,561 25 

Grosb deferred premiums on same 65,581 00 

Total outstanding and deferred premiums $ 147,142 25 

Deduct cost of collection at 10 per cent. 14,714 22 

Net outstanding and deferred premiums 132,428 03 

Total assets in Canada $2,923,871 06 

f '. 

LIABILITIES IN CANADA. 

Under Policies issued previous to 3lst March, 1878. 

♦Amount computed or estimated to cover the net reserve on all out- 
standing policies and bonus additions in Canada $ 549,043 00 

Amount of policies become claims, viz. : — 

Death losses, unadjusted but not resisted $ 7,573 40 

Matured endowments, due and unpaid 466 17 

Total death claims and matured endowments 8,039 57 

Total net liabilities to said policy-holders in Canada $ 557,082 57 



* Based on Institute of Actuaries' H.M. Table, 4& P*r cent interest. 

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LITE IN80RANCE COMPANIES. /265 

NEW YOKE LIFE— Continued. 

LIABILITIES IN CANADA. 

Under Policies issued subsequent to 31st March, 18*78. 

♦Amount computed or estimated to cover the net reserve on all out- 
standing policies and bonus additions in Canada 82,087,294 00 

Claims for death losses unadjusted but not resisted 13,000 00 

Total net liabilities to said policyholders in Canada $2,100,294 00 

\ 

Total net liabilities to all policy-holders in Canada $2,657,376 57 

~~~ > " " 

INCOME IN CANADA. 

Cash received for premiums during the year in Canada $ 691,559 86 

Premium obligations taken in part payment for premium*.., 9,058 75 

Cash received for annuities k 8,591 00 

Total net premium income 8 709,209 61 

Amount received for interest and dividends 94,912 50 

Amount received for rents 23,200 15 



Total income in Canada $ 827,322 26 



EXPENDITURE IN CANADA. 

Amount paid during the year on account of claims in Cauada, viz. : — 

On account of death claims (of which $47,745.99 accrued in 1891) $ 354,087 60 

On account or matured endowments (of which $2,563.52 accrued in 1891). 61,208 68 

Net amount paid on account of claims % 415,296 28 

Cash paid to annuitants 8.0*4 28 

Cash paid for surrendered policies 74,362 98 

Cash dividends or bonuses paid to Canadian policy-holders 40,714 66 

Total net amount paid to policy-holders in Canada S 538,468 20 

Cash paid for commissions and salaries.. '. 146,318 59 

Cash paid for licenses, taxes, fees or fines 8,411 55 

Miscellaneous payments, viz.: — Travelling expenses, rent, printing, 

exchange, stationery, expiessage, fixtures, &c 35,210 41 

Repairs and care of real estate ...... 25,915 49 

Total expenditure in Cauada $ 754,324 24 

PREMIUM NOTE ACCOUNT. 

Premium obligations on hand at commencement of year 8 1,758 40 

do received during the year 9,058 75 

Total ~8 10,817 15 

Amount of obligations voided by lapse 8 28 01 

do redeemed in cash 1,437 50 

Total deductions 1,465 51 



Balance— note assets at end of year I 9,351 64 

* H. M. Table, 4| per cent interest. 



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266 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

NEW YORK LIFE— Continued. 

MISCELLANEOUS. 

No. Amount. 

Number of new policies reported during the year as taken in 

Canada > 3,368 

Amount of said policies $4,925,550 00 

Number of policies become claims in Canada during the year... 106 

Amount of said claims 363,885 00 

Number of policies in force in Canada at date 9,225 

Amount of said policies $ 19,028,S96 00 

Bonus additions 107,820 00 



Total amount in force 31st December, 1892 19,136,716 00 



Number and amount of policies terminated during the year in Canada: — 

No. Amount. 

1. By death (not including bonus additions, $13,365) 76 $ 308,550 00 

2. By maturity (not including bonus additions, $3,776).... 30 55.335 00 

3. By surrender , 100 291,250 00 

(For which cash value has been paid, 874,363.) 

4. By surrender, $316,500. 

(For which paid-up policies have been granted to 
amount of $75,820.) 
Difference of amounts carried out 240,680 00 

5. By lapse 920 1,283,445 00 

Total (not including bonus additions) 1,126 $2,179,260 00 



No. Amount. 
Policies in force at beginning of year (not including $109,551 

bonus additions) corrected 7,170 $16,556,906 00 

Policies issued during the year 4,019 5,850,7*0 00 

Policies terminated as above (not including bonuses) 1,126 2,179,260 00 

Policies not taken 838 1,199,500 00 

Policies in force at date of statement (not including bonus ad- 
ditions, $107,820) 9,225 19,028,896 00 



Number of insured lives — No return. 

DETAIL OP POLICIES I88UBD SINCE 3iST MARCH, 1878. 

No. Amount 
Policies in force at beginning of year (not including bonus ad- 
ditions, $38,555) 6,507 $15,190,989 00 

Policies issued during the year 4,019 5,850,750 00 

Policies terminated as above 1,060 2,025,460 00 

Policies not taken 838 1,19H,500 00 

Policies in force at date of statement (not including bonus ad- 
ditions, $^8.682) 8,628 17,816,779 00 

Subscribed and sworn to, 21st February, 1893, by 

DAVID BUBKE. 

Superintendent. 
(Received, 22nd February, 1893.) 



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LIFE INSURANCE COMPANIE8. 267 

NEW YORK LIFE— Continued. 

General Business Statement fob the Year ending 31st December, 1892. 

(jis returned to the Superintendent of Insurance, State of New York.) 

INCOME DURING THE TEAR 1892. 

Total net premium income...... $ 25,040,113 93 

Received for interest 5,277,113 87 

Received for rent 589,1^6 00 

Received as discount on claims paid in advance and sundry small 

items 30,167 03 

Total income .....$ 30,936,590 83 



DISBURSEMENTS DURING THE YEAR 1892. 

Total amount paid for losses and matured endowments $ 9,010,891 28 

Cash paid to annuitants 1,370,130 30 

Cash paid for surrendered policies 1,400,539 34 

Dividends paid to policy-holders 1,408,219 58 

Reserve values paid on maturing tontines. 802,231 83 

Instalment paid on trust deposit 3,000 00 

Cash paid for commissions to agents ^ 4,058,316 60 

Salaries and travelling expenses of managers of agencies and agents 

(estimated) 120,000 00 

Medical examiner*' fees and salaries 323,315 34 

Salaries of officers and office employees 579.127 26 

Taxes r 304,515 52 

Rent 13L80Q 00 

Agency expenses , ,. 1,076,186 34 

Law expenses 148,571 36 

Stationery and printing 133,012 83 

Postage and other office expenses 143,134 14 

Repairs and care of real estate 289,065 18 

Paid Superintendent of Insurance Department expenses of company's 

investigation... 33,502 19 

Advertising and publications connected with company's examination 

by Insurance Department 318,731 67 

Total disbursements ^ S 21,654,290 76 



A88ETS. 

Cost value of real estate unencumbered $ 12,531,016 75 

Loans on bond and mortgage, first liens, on real estate » 24,236,785 51 

Loans secured by pledge of bonds, stocks or other marketable colla- 
terals 3,916,000 00 

Book value of bonds and stocks owned 81,865,282 51 

Cash on hand and in banks 4,201,283 68 

Premium notes and policy loans on policies in force 1,096,850 03 

Agents' balances 285,071 37 

Total net assets $128,132,289 85 

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263 , DEPARTMENT OP FINANCE — INSURANCE BRANCH. 

NEW YORK LIFE— Concluded. 

OTHER ASSETS. ^ 

Interest due and accrued 951,383 18 

Kentsdueand accrued 20,426 96 

Market value of bonds and stocks over book value 4,814,895 00 

Net amount of uncollected and deferred premiums 3,865,275 37 

Total assets (including items not admitted, $285,071. 37). $ 137,784,270 36 

LIABILITIES. 

*Net reinsurance reserve $117,858,093 00 

Special reserve on annuities in excess of above standard 1,217,795 00 

Total unsettled policy claims 1,396,266 09 

Premiums paid in advance 75,693 42 

Trust deposit held for account of benificiaries under terms of policies 45,040 20 

Unpaid dividends due policy-holders.... 101,363 18 

Total liabilities , $120,694,250 89 

Surplus on policy-holders' account $ 16,804,948 10 

RISKS AND PREMIUMS. . 

Number of new policies issued during the year.... \ • 65,958 

Amount of said policies $170,500,320 00 

Number of policies terminated during the year 35,703 

Total amount terminated 113,439,619 00 

Number of policies in force at date of statement 224,008 

Net amount of said policies 689,248,629 00 

Subscribed and sworn to, by 

JOHN A. MoCALL, 

President. 

CHAS. C. WHITNEY, 

Secretary. 

New York, 18th January, 1893. 

•Computed according to the Combined Experience Table of Mortality, with 4 per cent interest. 



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LIFE INSURANCE OOMPANIKS. 

THE NORTH AMERICAN LIFE ASSURANCE COMPANY. 



269 



Statement for the Year ending 31st December, 1892. 

****■ L - B "»«>- I " m, ^22VggS£k. p.i.a. 

Secretary — Leopold Goldman, A.I.A. 
Bead Office — Toronto, Ontario. 

(Incorporated 15th May, 1879. Organized and commenced business in Canada, 10th 

January, 1881.) 

CAPITAL. 

Amount of guarantee fund authorized and subscribed for $ 300,000 00 

Amount paid up in cash 60,000 00 

(For list of Guarantors see Appendix.) 



ASSETS AS PER LEDGER ACCOUNTS. 

Value of real estate held by the company $ 11,192 00 

Amount secured by way of loans on real estate by bond or mortgage, 

first liens 970,223 03 

Amount of loans secured by bonds, stocks or other marketable collat- 
erals, viz. : — 

Par 
value. 

500 00 

20,720 00 

1,000 00 

7,500 00 

500 00 



British Canadian Loan and Investment Co. . 

Land Security Co 

Bank of Toronto 

Imperial Bank 

Dominion Bank 

Imperial Bank , 10,000 00 

Dominion Bank 15,000 00 

Imperial Bank 10,000 00 



9 



Market 

value. 

563 00\ 9 
44,548 00/* 

2,460 00 
13,744 00 \ 

1,320 00 J 
18,325 00 
39,600 00) 
18,325 00/ 



Amount 
loaned. 

36,780 00 

2,300 00 

14,400 00 

17,600 00 

55,000 00 



$ 65,220 00 * 138,885 00 $ 126,080 00 



126,080 00 



Total amount loaned 

Amount of loans as above on which interest has not been paid within 

one year previous to statement $13,525 

Amount of loans made to policy-holders on the company's policies, 

assigned as collaterals 36,973 67 

Stocks and bonds owned by the company : — 



Bar value. 

•Longueuil Water Works bonds 9 18,400 00 

•County of Oxford bonds 4,000 00 

•Township of Pickering 4,523 31 

•Village of Tiverton 1,500 00 

•Villageof Ayr 8,000 00 

•Town of Palmerston 2,372 82 

•Township of Uxbridge 19,000 00 

City of Hamilton 3,342 11 

1,357 14 
2,000 00 
791 84 
8,677 00 
2,800 00 
1,500 00 
2,312 54 



Town of Ingersoll . 

•Town of Thornbury 

Township of Chaffey 

Township of York Trusts Co., bonds. 

City of Toronto bonds 

Village of Tiverton bonds 

West Toronto Junction . 



Port Perry debentures 12,120 33 



Cost value. 

* 18,400 00 
4,050 00 
4,523 31 
1,500 00 
7,880 00 
2,402 82 
21,945 00 
3,342 11 
1,357 14 
2,000 00 
816 84 
9,018 39 
2,873 28 
1,590 18 
2,312 54 
12,120 33 



Total par and cost values $ 92,697 09 $ 96,191 94 



•Bonds in deposit with Receiver-General. 



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270 DEPARTMENT OF FINANCE — IN8URANGE BRANCH. 

NORTH AMERICAN LIFE— Continued. 

Carried out at cost value $ 96,191 94 

Cash at head office 5,237 60 

Cash in banks, viz. : — 

Imperial Bank of Canada, TWonto '. % 580 60 

Union Bank of Canada, Toronto, special deposit 30,000 00 

do do 3,47842 

People's Bank, Halifax 342 36 

Jacques Cartier Bank, Montreal .508 94 

Traders' Bank of Canada, Toronto 2,151 53 

Union Bank of Canada, Wiunipeg 1,785 10 

Total 38,846 95 

Bills receivable 159 79 

Furniture 2,000 00 

Reversions 28,466 82 

Fire premiums paid on account of mortgagors, &c • 1,424 76 

Total $1,316,796 56 

OTHER AS8ETS. 

Interest due % 9,983 55 

do accrued 15,163 72 

Total carried out „ 25,147 27 

Short date notes for premium* on policies in force % 32,411 45 

Grort premiums due and uncollected on policies in force t 21,466 12 

Gross deferred premiums on same 26,160 40 

Total outstanding and deferred premiums $ 80,037 97 

Deduct cost of collection, at 10 per cent 8,003 80 

Net outstanding and deferred premiums 72,034 17 

Total assets $1,413,978 00 



LIABILITIES. 

* Amount computed to cover the net present value of all policies and annui- 
ties in force. .. $1,145,476 00 

Deduct value of policies reinsured in other oomi>anies 29,630 00 

Net reinsurance reserve $1,115,846 00 

Claims for death losses, due and unpaid *. 4,500 00 

Claims for death losses resisted, in suit... 1,000 00 

Interest due on guarantee fund .'. 3,000 00 

Due on account of general expenses 3,499 00 

Premiums paid in advance 497 20 

Total liabilities $1,128,342 20 

Surplus on policy-holders' account $ 285,635 80 

Guarantee fund 60,000 00 

Surplus above all liabilities and guarantee fund $ 225,635 80 



* Based on mortality experience H. M. Table of the Institute of Actuaries of Great Britain and Ireland 
with interest at 44 per cent. 



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LIFE INSURANCE COMPANIES. 271 

NORTH AMERICAN LIFE— Continued. 

v INCOME DURING THE YEAR. 

Cash received for premiums S 371>,869 71 

Cash received for annuities 840 05 

Total., $ 380,709 76 

Deduct premiums paid to other companies for reinsurance 11,847 98 

Net premium income 9 3 8,861 78 

Amount received for in'erest or dividends 65,764 64 

Total income... $ 434.626 42 

EXPENDITURE DURING THE YEAR. 

Cash paid for death losses (of this, $650 is for industrial) I 84,009 03 

($3,000 of mi hich occurred in previous years. ) 

Net amount paid for death claim* .V$ 84,009 03 

Net amount paid for matured endowments 17,271 31 

Total paid for death claims and matured endowment*.... $ 101,280 34 

Cash paid to annuitants 1,811 22 

Cash paid for surrendered policies 6.751 60 

Cash dividends*paid to policy-holders 8,593 57 

Cash paid to guarantors for interest on guarantee fund paid-up 6,000 00 

Commissions, salaries and other expenses of officials 86,375 74 

Bent, taxes, licenses, fees or fines 4,301 98 

Other expenditure, viz. : Medical fees, $6,139.10 ; advertising, $3,281.67 ; 

exchange, $570.87 ; general expenses, $981.71 ; postage, $2,193.42; 

printing and stationery, $2^804.33; legal expenses, $1,004.81; 

furniture, $1,707.13*, commission on loans, $486.50; insurance 

books, papers, &c, $194.29 19,363 83 

Total expenditure $ 234,478 28 

MISCELLANEOUS. 

Number of new policies reported during the year as taken 1.517 

Amount of said policies $2,360,300 00 

Number of policies become claims during the year 63 

Amount of said claims (including 7 matured endowmontsfor $17,27 1.31). 102,780 34 

(Of these 3, lor $650, were industrial policies.) Nil. 

Amount of above claims reinsured in other licensed companies i n Canada 

Number of policies in force at date — General 7,399 

do do Industrial 120 

Amount of said policies— General $ 12,043,747 00 

do do Industrial 16,333 00 

$ 12,060,080 00 
Amount of said policies reinsured in other licensed companies in Canada.. 468,441 00 

Net amount in force on 31st December, 1892 11,591,639 00 



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/ 

272 DEPARTMENT OF FINANCE — INSURANCE BBANCH. 

NORTH AMERICAN LIFE— Continued. 
Number and amount of policies terminated during the year in Canada : — 

No. Amount 

1. By death (including 3 industrial policies for $650.00). 56 $ 85,509 03 

2. By maturity 7 17,271 31 

3. By surrender — 



General H I 128,583 00 

Industrial 4 375 00 



88 128,958 00 



(For which cash value has been paid, $6,751.60.) 

4. By surrender, $72,000. 

(For which paid-up policies have been granted to 

amount of $18,572.) 
Difference of amounts carried out 53,428 00 

5. By lapse- 
General 607 I 910,700 00 

Industrial 5 103 00 



612 910,803 00 
763 $1,195,969 34 

Policies in force at beginning of year : — • 

\ No. Amount 

General..'. 6,780 $11,130,720 00 

Industrial 132 17,46100 

6,912 $11,148,181 00 

Policies issued during the year — Ueneral 1,545 2,400,300 00 

Policies terminated as above 763 1,195,969 34 

Policies terminated by change 29,500 00 

Policies not taken of this and last year's issue 175 , 262,931 QQ 

Policies in force at date of statement (including 120 industrial 

for $16,333) 7,519 12,060,080 00 

Number of insured lives at beginning of year 6,638 

Number of new insurers during the year 1,500 

Number of deaths during the year among the insured 52 

Number of insured whose policies have been terminated during ^ " 

the year otherwise than by death 927 

Number of insured lives at date of statement 7,159 



Business Done outside of Canada. 
(Included in foregoing Statement.) 

LIABILITIES OUTSIDE OF OANADA. 

Reserveon policies $ ,1 27,213 00 

INCOME OUTSIDE OF CANADA. 

Premiums , $ 6,495 86 

EXPENDITURE OUTSIDE OF CANADA. 

Death claims paid during the year $ 2,000 00 



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LIFE INSURANCE COMPANIES. 273 

1 NORTH AMERICAN LIFE— Concluded. 



MISCELLANEOUS. 



Number of policies reported during the year as taken outside 

ofCanada ....*.... * 7 

Amount of said policies $ 18,500 00 

Number of policies become claims during the year 1 

Amountof said policy ; 2,000 00 



No. Amount. 

Policies in force at beginning of year 101 $ 210,200 00 

Policies issued during t ho year 7 18,500 00 

Policies transferred to head office 11 7,950 00 

Policies terminated by death 1 2,000 00 

Policies in force at end of year 96 218,750 00 



Subscribed and sworn to, 31?t December, 1892, by 

JOHN L. BLAIKIE, 
President. 

L. GOLDMAN, 

Secretary. 

(Received, 3rd January, 1893.) 



4—18 

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274 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THB NOKTH BEITISH AND MERCANTILE INSUEANCB COMPANY. 



Statement for the Year ending 30th November, 1892. 

President — 
Et.Hon.Sir Matthew Ridley, Bart ,M.P. | Manager — A. Gillies Smith. 

Principal Offices — Edinburgh and London. 

Managing Director in Canada — 

Thos. Davidson. | Head Office in Canada — Montreal. 

(Established, 1809. Incorporated, 1824. Commenced business in Canada, 1862.) 



capital. 
See Fire Statement. 



(For Assets in Canada, see Fire Statement.) 

LIABILITIES IN CANADA. 

Under Policies issued previous toZlst March, 1878. 

Amount estimated to cover the net reserve on all outstanding policies 

in Canada $ 250,000 00 

Claims for death losses unadjusted, but not resisted 1,250 00 

Total net liabilities to said policy-holders in Canada $• 251,250 00 

Under Policies issued subsequent to 31s* March, 18*78. 

Amount estimated to cover the net reserve on all outstanding policies 
in Canada ($300,000 of which is on account of the Scottish Pro* 
vincial Insurance Co.) , $ 347,000 00 

Claims for death losses unadjusted but not resisted (including $676.77 

bonus additions) 6,370 77 

Due on account of general expenses in Canada 1,529 93 

Total net liabilities to said policy-holders in Canada $ 354,900 70 

Total liabilities to all policy-holders in Canada $ 606,150 70 

INCOME IN CANADA. 

Amount of premiums received in cash during the year on life policies 

in Canada $ 37,955 08 

Total income in Canada $ 37,955 08 

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LIFE INSURANOB COMPANIES. 275 

NOBTH BBITISH AND MERCANTILE— Continued. 

EXPENDITURE IN CANADA. 

Total amount raid for death claims (including 818,417.03 bonus 

additions) 1 $ 74,585 00 

(Of this amount $9,167.52 accrued in previous tear.) 

Amount paid for surrendered policies .1 2,829 10 

Amount paid to policy-holders for surrendered bonuses 788 81 

Total net amount paid to policy-holders un Canada $ 78,202 91 

Cash paid for commissions, salaries and other expense* of officials 3,401 64 

Cash paid for taxes, licenses, fees or fines \ 100 00 

Miscellaneous payments, viz.: — Postage, telegrams^ &c., $99.61; 
medical fees, $60 ; proportion of general expenses payable by life 
branch, $1,500; law expenses, $187 ; Insurance Superintendence, 
$20 15 1,866 76 

Total expenditure in Canada $ 83,571 31 



MISCELLANEOUS. 

Number of new policies reported during the year as taken in 

Canada 5 

Amount of said policies $ 58,000 00 

Number of policies become claims in Canada during the year... 23 

Amount of said claims (including $17,166.06 bonus additions).. 73,038 23 

Number of policies in force in Canada at date 606 

Amount of said policies $ 1,243,489 95 

Bonus additions 246,502 43 



Total amount of policies in force, 30th November, 1892 1,489,992 38 



Number and amount of policies terminated during the year in Canada : — 

No. Amount. 

1. By death (including bonus additions, $17,166.06) 23 $ 73,038 23 

2 (By surrender (including bonus additions,' $1,778. 15). 3 7,361 09 

*' \ Bonuses surrendered 2,484 99 

(For which cash value has been paid, $4,45"».66.) 

3. By surrender (including bonus additions, $1,388.82) 

$5,388.82; for which paid up policies have been 
granted to the amount of $2,070. 
Difference of amounts carried out 3,318 82 

4. By lapse (including bonus additions, $610.22) 5 9,824 55 

Total (including bonus additions, $23,428.24) _31 $ 96,028 28 

No. Amount. 
Policies in force at beginning of year (inclusive of bonuses, 

$263,060.50) 628 $1 : 516,772 88 

Policies issued during the year 5 58,000 00 

Bonuses added during the year 5,51)9 85 

Policies revived during the year (including $1,270.32 bonus 

additions) 2 5,647 89 

Policies terminated as above (inclusive of bonuses, $23,427.24). 31 96,028 28 
Policies in force at date of statement (inclusive of bonuses, 

$246,502.43) _606 1,489,992 38 

4—18* 



276 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

NORTH BRITISH AND MERCANTILE— Continued. 
Details of Scottish Provincial policies included in above statement. 

No. Amount. 

Policies in force at beginning of year in Canada (inclusive of 

$135,872.07 bonus additions) 356 $ 673,973 66 

Policies revived (including $1,270.32 bonus additions) 2 5,647 89 

Bonuses added during the year 296 81 

Policies terminated (including bonus additions, $11,316.37) 17 47,830 00 

Policies in force at the end of year (including bonus additions, 

$126,122.83) 341 632,088 36 

DETAIL OF NORTH BRITISH AND MERCANTILE POLICIES ISSUED SINCE 31ST MARCH, 1878. 

No. Amount 

Policies in force at beginning of year in Canada (inclusive of 

bonus additions, $8,282.23)./. •. .... 80 $ 284.882 90 

Policies issued during the year 5 58,000 00 

Bonuses added during the year 4,698 58 

Policies terminated as above (inclusive of bonus additions, 

$126.78) 3 7,126 78 

Policies in force at date of statement (inclusive of bonus addi- 
tions, $12,854.03) 83 340,454 70 

Subscribed and sworn to, 2nd March, 1893, by 

THOS. DAVIDSON, 

Managing Director. 
(Eeceived, 3rd March, 1893.) 



General Business Statement for the Tear ending 3 1st December, 1892. 
(Abstracted from the Directors* Report, Edinburgh, 12th May, 1893.) 

LIFE BUSINES8. 

During the year 1892 there were issued 7,275 policies, assuring £2,464,627, the 
new premiums on which amount to £88,427 4s. lid. In 1891 the number of policies 
was 3,688, the sums assured were £1,936,495, and the new premiums were £76,680 
Is. 2d. 

The net amount assured in 1892, after deducting sums reassured, was £2,302,827 ; 
and the new premiums, after deducting those paid to the reassuring offices, were 
£82,774 19s. 7d. This is by far the largest n*w net life business ever reported by 
the company. The net amount assured in 1891 was £1,670,790, and the new net 
premiums were £63,287 14s. 3d. 

Of the new life business done in 1892 there were effected under the arrangement 
with the Civil Service Insurance Society, 5,548 policies assuring £1,214,478, the 
premiums amounting to £45,540 3s. 8d. 

Tho net amount of ordinary business in 1892, exclusive of the Civil Service 
business, is also greater than in any previous year. 

The amount of ordinary business in 1891 was £ 1,030.101 

\ :^h 1892 .„, 1,0881349 

. Increase £ 58,248 



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LIFE INSURANCE COMPANIES. 



277 



NORTH BRITISH AND M.ERCAKTIIM— Continued. 

The income of the life branch from premiums and interest for the year 1892 
amounted to £879,535 9s. 9d. 

During the year 1892, 517 deaths, by which 677 policies emerged, were proved, 
and 53 endowments matured. The sums which thus became payable amounted, 
with bonus additions, after deducting reassurances, to the sum of £521,292 13s. 7d. 

It will be seen from the balance sheet annexed that the life assurance fund now 
amounts to £6,101,739 7s. 8d., the increase during the year being £240,905 9s. 5d. 

/ 

ANNUITY BUSINESS. 

In the Annuity Branch 438 bonds were issued, securing the sum of £26,060 15s. Id. 
yearly of immediate annuities, £215 yearly of survivorship annuities, and £337 Is. Od. 
of deferred annuities, for which the company received the 6um of £280,954 3s. Od. 
by single payment, and £123 19s. 4d. by annual premium. In 1891 the number of 
bonds issued was 367, securing the sum of £20,626 Is. Od. of immediate annuities, 
£1,085 yearly of survivorship annuities, and £443 4s. 6d. of deferred annuities, for 
which the company received tho sum of £218,012 10s. 4d. by single payment, and 
£695 13s. 7d. by annual promium. 

During tho year 116 annuities have fallen in, relieving the company of the sum 
of £7,841 13s. lOd. yearly of immediate annuities and £420 of deferred and survivor- ' 
ship annuities 

The accumulated funds of the Life and Annuity Branches are separately invest- 
ed, and, by Act of Parliament, are set aside to meet the claims under this department 
of the company's business. 



LIFE AS8URANCE ACCOUNT. 



Dr. 

£ b. d. 

Amount of life assurance fund at 
the beginning of the year 5,860,833 18 3 

Premiums, after deduction of reas- 
surance premiums. 634,299 6 7 

Interest £250,164 4 7 

Less— Income tax.. 4,928 15 

245,236 3 2 

Recording fees 250 19 

Debts recovered 1,117 2 



£6,741,737 9 



Cr. 
£ 8. d. 
Claims under life policies after de- 
duction of sums reassured 521,292 13 7 

Surrenders ] 32,582 8 11 

Surrenders of policies 
and bonuses there- 
on £24,916 4 10 

Bonuses only 7,666 4 1 

£32,582 8 11 

Commission 34,575 16 8 

Expenses of management 51,547 2 2 

Amount of life assurance fund at 

the end of the year 6,101,739 7 8 

£6,741,737 9 



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278 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

NORTH BRITISH AND MERCANTILE-^mctetfa*. 

ANNUITY ACCOUNT. 

DR. Cr. 

£ b. d. £ 8. d. 

Amount of annuity fund at the be- Annuities paid 137,751 15 10 

ginning of the year.. 1,275,447 15 2 Less received under reassurances . . 4,881 5 

Consideration for annuities granted. 280,954 3 

Premiums, after deduction of reas- 132,870 10 10 

surance premiums 2,110 12 1 Commission 2,206 11 7 

Interest £55,032 4 3 Expenses of management 8,451 9 10 

Less— Income tax.. 1,147 6 3 Surrenders, less received under re- 

53,884 18 assurances 1,829 8 10 

Pro€t on investments realized 472 10 8 Income tax for year 1892-93 1,930 6 

Amount of annuity fund at the end 

oftheyear 1,470,58111 5 

£1,612,869 18 6 £1,612,869 18 6 

{For Balance Sheet see Fire Statement.) 



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LIFE INSURANCE 0OMPANIE8. 279 

THE NOBTH-WESTERN MUTUAL LIFE INSURANCE COMPANY. 

Statement for the Tear ending 31st December, 1892. 

President — H. L. Palmer. | Secretary — J. W. Skinneb. 

Principal Office — Milwaukee, Wis., U.S. 

Agent in Canada— M. W. Mills. | Head Office in Canada — Toronto. 

(Incorporated, 2nd March, 1857. Commencod business in Canada, 
November, 1871.) 

NO CAPITAL STOCK. 
ASSETS IN CANADA. 

United States registered bonds held by the Receiver-General, viz. : — 
6 per cent bond*, $60,000 ; 4 per cent bonds, $40,000 ; carried out 

at market value . $ 114,700 00 

Gross deferred premiums on policies in force $ 1,072 23 

Deduct cost of collection, at 10 per cent 107 22 

Net outstanding premiums - 965 01 

Total assets in Canada $ 115,665 01 

LIABILITIES IN CANADA. 

♦Amount computed or estimated to cover the net reserve on all out- 
standing policies in Canada '. $ 131,338 00 

Claims for matured endowments — unadjusted but not resisted 1,055 00 

Total net liability to policy-holders in Canada $ 132,393 00 

INCOME IN CANADA. 

Amount of premiums received in cash during the year in Canada $ 18,406 07 

Amount of premium obligations taken during the year in payment of 

premiums in Canada 14 70 

Total net premium income $ 18,420 77 

EXPENDITURE IN CANADA. 

Amount paid during the year on claims in Canada, viz. :— 

On account of death claims $ 5,860 00 

Matured endowments 11,840 00 

Total amount paid for death claims and matured endowments $ 17,690 00 

Amount paid for surrendered policies 36 55 

Amount paid for dividends or bonuses to policy-holders 6,227 24 

Total net amount paid to policy-holders in Canada $ 23,953 79 

Cash paid for commission, salaries and other expenses of officials in 

Canada 144 58 

Cash paid for licenses or taxes. 24 20 

Total expenditure in Canada $ 24,122 57 

# Based on Actuaries' Table— 4 per cent. 

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280 DEPARTMENT OF FINANCE — INSURANCE BBANOH. 

NOKTH-WESTERN JiUTU AL- Continued. 

PREMIUM NOTE ACCOUNT— CANADIAN POLICIES. 

Premium obligations on hand at commencement of year $ 37 23 

Premium obligations received during the year 14 70 

Total $ 51 93 

Deductions during the year, viz. : — 

Amount of obligations used in payment of dividends to policy-holders $ 28 69 

Total deductions 28 69 



Balance — note assets at end of year $ 23 24 



MISCELLANEOUS. 



Number of policies become claims in Canada during the year 13 

Amount of said claims $ 17,690 00 

Number of policies in force in Canada at date 430 

Amount of said policies 582,860 00 



Number and amount of policies terminated during the year in Canada : — 

' No. Amount 

1. By death 5 $ 5,850 00 

2. By maturity 8 11,840 00 

3. By expiry (temporary insurance) 1,400 00 

4. By surrender 1 176 00 

(For which cash value has been paid, $36.55.) 

5. By surrender, $1,000. 

(For which paid-up policies have been granted to 
amount of $342.) 
Difference of amounts carried out 658 00 

6. By lapse , 250 00 

Total ', ; 14$ 20,174 00 



No. Amount. 

Policies in force at beginning of year in Canada 444 $ 601,279 00 

Policies issued during the year (paid-up policies, issued in exchange 

for policies surrendered) $ 342 00 

Added by dividends 1,765 00 

Total 1 2,097 00 

Policies terminated as above, and by change to paid-up policies. 15 20,516 00 

Policies in force at date of statement • 430 582,860 00 



No account of number of lives insured. 



Subscribed and sworn to, 25th February, 1893, by 

J, W. SKINNER, 

Secretary. 
(Beceived, 27th February, 1893.) 



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LIFE INSURANCE COMPANIES. 281 

NOKTH-WESTEKN MUTUAL— Continued. " 
General Business Statement for tub Tear ending 31st December, 1892. 
(As returned to the Commissioner of Insurance, State of Wisconsin.) 

INCOME. 

Total premium income $ 11,804,015 76 

Cash received for interest and dividends 2,694,270 18 

Cash received for rents 57,933 25 

Cash for discounts on maturing endowments paid in advance 1,335 03 

Total income $ 14,557,554 22 

DISBURSEMENTS. 

Total amount paid for losses and matured endowments ....$ 3,321,157 62 

Cash paid to annuitants 216 40 

Surrendered policies 388,782 99 

Premium notes, loans or liens, voided by lapse 4.622 97 

Paid policy-holders for dividends 1,139,886 48 

Commissions to agents 1,654,540 39 

Salaries and travelling expenses of managers of agencies, and special 

agents 32,010 55 

Medical examiners' fees 126,701 99 

Salaries of officers and office employees.... 186,464 58 

Taxes 152,385 90 

Rent 4,188 45 

Commuting commissions 17,9H0 21 

General expenses 386,435 58 

Total disbursements $ 7,415,324 11 



assets. 

Value of real estate, exclusive of all encumbrances t 995,486 29 

Loans on bond and mortgages, first liens, on real estate 45,076,571 33 

Premium notes, loans or liens on policies in force 487,812 62 

Par value of bonds owned 4,331,465 00 

Cash on hand and in banks , 3,155,372 49 

Agents' ledgor balances 11,064 42 

Total net or lodger assets $ 54,057,772 15 

OTHER ASSETS. 

Interest due and accrued 784,433 60 

Bents due and accrued 8,144 32 

Market value of stocks and bonds over par , 298,335 05 

Net amount of uncollected and deferred premiums 1,087,404 00 

Total assets (including items not admitted, 811,064.42)$ 56,236,089 12 



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282 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

NORTH-WESTERN MUTUAL— Concluded. 

LIABILITIES. 

* Net reinsurance reserve $ 46,374,724 00 

Reserve for paid up insurance claimable, and for annuities 64,708 58 

Total unsettled policy claims 228,467 Q0 

Unpaid dividends or other description of profits due policy-holders, 

estimated 76,805 00 

Sundry 24,000 00 

Total liabilities > 46,768,704 58 

Gross surplus on policy-holders' account $ 9,467,384 54 

RI8K8 AND PREMIUMS. 

jN umber of new policies issued during the year 26,473 

Amount of said policies ..$ 66,582,103 00 

Number of policies terminated during the year 12,247 

Total amount terminated 33,906,039 00 

Number of policies in force at date of statement 128,349 

Net amount of said policies 312,512,603 00 



Subscribed and sworn to, by 



H. L. PALMER, 

President 

J. W. SKINNER, 

Secretary. 



* Actuaries' Table of Mortality with 4 p.c. interest. 



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LIFE INSURANCE 00MPANIE8. 

THE ONTARIO MUTUAL LIFE ASSURANCE COMPANY. 



283 



Statement for the Tear ending 31st December, 1892. 

President — Isaac E. Bowman. 

Secretary — W. H. Riddell. | Manager and Agent — Wm. Hendry. 

Bead Office — Waterloo, Ontario. 

(Incorporated, A.D. 1869. Commenced business in Canada, A.D. 1870.) 



No capital stock. 



AS8ET8 A8 PER LEDGER ACCOUNT8. 

Value of real estate (less encumbrances) held by the company $ 7,420 78 

Amounts secured by way of loans on real estate by bond or mortgage, 

first liens 1,383,049 65 

Amounts secured' by way of loans onnreal eatAte by bond or mortgage, 

second liens 5,500 00 

(Amount of loans, as above, on which interest has not been 
paid within one year previous to statement, $37,950.) 
Amount of loans made to policy-holders on the company's policies 

assigned as collaterals 262,903 04 

Premium obligations on policies in force 49,656 13 

Stocks and bonds owned by the Company, viz. : — 



Deposited with the Eeceiver-Qeneral. 



Par value. 

City of Guelph bonds. . ,™ I 10,000 00 

City of St. Catharines bonds 7r»82 -46 

Village of Brussels bonds 10,000 00 

Village of Merritton bonds 2,845 96 

Town of Waterloo bonds 5,484 00 

Town of Owen Sound bonds 15,000 00 

Town of CoUingwood bonds 2,200 00 

Town of Windsor bonds 12,000 00 

Township of Woolwich bonds 3,890 00 

Village of Georgetown bonds 35,500 00 



Market value. 

I 10,371 80 
8,309 18 

10,000 00 
2,979 17 
5,520 00 

15,475 47 
2,200 00 

12,750 77 
3,930 00 

38,012 26 



I 104,852 41 I 109,548 65 



In possession of the Company. 

Town of Thorold bonds I 3,720 99 I 3,935 91 

Town of Berlin bonds 25,829 00 27,287 18 

Town of Waterloo bonds 11,878 00 12,111 52 

Town of Gait bonds HO 00 716 33 

Town of Milton bonds 13,977 94 14,935 16 

Township of Sarawak bonds 60000 68338 

Village of Ridgetown bonds 18,166 00 18,947 39 

Village of Blyth bonds 3,000 00 3,068 84 

Village of Merritton bonds 9,368 85 9,607 45 

Village of Wiarton bonds 4,500 00 4,690 32 

Village of Southampton bonds 6,559 00 6,879 72 

ViUageof Parkbill tends 1,200 00 1,254 72 

Village of Lucan bonds 2,000 00 2,068 00 

Townshipof Woolwich bonds 1,610 00 1,626 97 

Preston Separate School bonds 1,080 48 1,080 48 

City of Guelph bonds 2,400 00 2,000 00 

Town of Palmerston bonds 2,500 00 2,500 00 

Town of Lwtowel bonds 12,000 00 12,371 76 

Town of Paris bonds 6,000 00 6,014 35 

Village of Duimvtfle boeds 5,837 14 6,321 95 

Village of Elmira bonds 9,600 00 10,007 15 

Town of Alliston bonds 3,750 00 3,750 00 

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284 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

ONTARIO MUTUAL LIFE— Continued. 
In possession of the Company — Concluded. 

Village of Acton bonds $ 6,500 00 $ 5,950 00 

Town of Windsor bond* 34,000 00 36,186 41 

Town of Goderich bonds 18,714 03 19,802 47 

Village of Georgetown bonds 1,600 00 1,691 24 

Village of Hespeler bonds 10,500 00 10,865 59 

Village of Leamington bonds 2,395 77 2,461 32 

Village of Thamesville bonds 951 00 988 65 

Village of Markham bonds 2,232 88 2,232 84 

Village of Markdale bonds 1,013 30 1,025 11 

$ 223,194 38 ft 233,062 21 



Total par and market values 9 328,046 79 $ 342, 610 86 

Carried out at market value 342,610 86 

Cash at head office 32 95 

Cash in banks, viz.: — 

Canadian Bank of Commerce, Waterloo ... $ 1,394 97 

Molsons Bank, Waterloo 991 10 

Deposit receipt 20,000 00 

Total 22,386 07 

Agents* and other ledger balances 4,550 60 

Total $2,078,110 08 

OTHER ASSETS. 

Interest due $ 16,983 39 

Interest accrued 57,229 05 



Total interest 74,212 44 

Short date notes secured by policies in force $ 30,277 46 

Gross premiums due and uncollected on policies in force 4,673 93 

Gross deferred premiums on same 57,339 14 



Total outstanding and deferred premiums $ 92,290 53 

Deduct cost of collection, at 10 per cent . . 9,229 05 

Net outstanding and deferred premiums 83,061 48 

Total assets $2,235,384 00 



LIABILITIES. 

* Amount computed to cover the net present value of all policies in force. .1 2,061,602 00 
Deduct net value of ix)Hcies reinsured in other companies 3,532 00 

Net reinsurance reserve $2,058,070 00 

Claims for death losses unadjusted but not resisted $ 4,325 00 

Net amount of unsettle 1 claims ($325 of which accrued in previous 

years) 4,325 00 

Premiums paid in advance..'. ,..". 6,058 85 

Total liabilities $2,068,453 85 

Surplus on policy-holders' account $ 166,930 15 



* Reserve based on Institute of Actuaries' H. M. Table of Mortality, 44 per cent interest. 

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LIFE INSURANCE COMPANIES. 285 

ONTARIO MUTUAL LIFE— Continued. 

INCOME DURING THE YEAR. 

Cash received for premiums .$ 443,396 02 

Premium obligations taken in part payment of premiums 5,367 82 

Premiums paid by dividends 55,630 31 

Total $ 504,394 15 

Deduct premiums paid to other companies for reinsurance 1,005 02 

Net premium income , $ 503,38i> 13 

Amount received for interest 111,562 13 

Total income $ 614,951 26 



EXPENDITURE DURING THE TEAR. 

Total net amount paid during the year for death claims $ 100,029 43 

Premium obligations used in payment of same 170 57 

Total amount paid for death claims $ 100,200 00 

(Of this amount $8,200 accrued in previous years.) 

Cash paid for matured endowments 16,250 00 

Cash paid for surrendered policies ... 32,059 33 

Premium obligations used in purchase of surrendered policies 809 96 

Cash dividends paid to policy-holders 2,766 88 

Cash dividends applied in payment of premiums , 55,630 31 

Cash dividends applied in payment of interest on premium obligations. 4,015 53 

Premium obligations used in payment of dividends to policy-holders... 2,588 73 

Premium obligations voided by laj se ^. 2,016 61 

Cash paid for commission, salaries, and other expenses of officials 87,321 55 

Cash paid for taxes, licenses, fees or fines 846 11 

All other expenses, viz. : — Medical examinations, $7,742; books and 
stationery, $1,251.55 ; rent of agents' offices, $927 ; telegraph and 
telephone, $108.28 ; postage, $966.69 ; printing, $755.33 ; advertis- 
ing, $2,787.21 ; travelling expenses, $909.80 ; commission on loans 
and valuation fees $1,047.44; solicitors' fees, $625.32; office 

furnishings, $107.00; incidentals, $1,555.95 ; fire insurance, $16.74 18,800 31 

Total cash expenditure ..$ 323,305 32 



PREMIUM NOTE ACCOUNT. 

Premium obligations on hand at commencement of year $ 52,393 26 

Premium .obligations revived during the year 30 66 

Premium obligations taken daring the year 5,367 82 

Total $ 57,791 74 

Premium obligations used in payment of claims t 170 57 

Premium obligations used in purchase of surrendered policies 809 96 

Premium obligations used in payment of dividends to policy-holders 2,588 73 

Premium obligations voided by lapse 2,016 til 

Premium obligations redeemed in cash 2,549 74 

Total deductions 8,135 61 



Balance — note assets at end of year $ 49,656 13 



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286 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

ONTARIO MUTUAL LIFE— Concluded. 

MISCELLANEOUS. 

Number of new policies reported during the year as taken in 

Canada 1,991 

Amount of said policies $2,651,000 00 

Amount of said policies reinsured in other licensed companies 

in Canada 5,000 00 

Number of policies become claims in Canada during the year 

(including matured endowments) 93 

Amount of said claims 112,250 00 

Number of policies in force in Canada at date 12,445 

Amount of said policies $16,122,195 88 

Amount of said policies reinsured in other licensed companies, including 

$1,078.75 bonus additions 64,078 75 



Net amount in force at 31st December, 1892 16,058,116 63 

Number and amount of policies terminated during the year in Canada: — 

No. Amount 

1. By death 75 9 96,000 00 

2. By maturity 18 16,250 00 

3. By expiry 3 33,500 00 

4. By surrender 181 204,509 00 

(For which cash value has been paid, $31,367.75). 

5. By surrender, $28,500. 

(For which paid up policies have been granted to 
amount of $2,820.) 

Difference of amounts carried out 25,680 00 

6. By lapse 828 1,036,200 00 

Total 1,105 $ 1,412,139 00 

Policies in force at beginning of year 11,621 $14,934,807 38 

Policies issued during the year 1,968 2,676,250 00 

Policies revived 50 50,277 00 

Policies terminated as above •. 1,105 1,412,139 00 

Policies terminated otherwise (not taken) 89 127,000 00 

Policies in force at date of statement 12,445 16,122,195 38 



Number of insured lives at beginning of year 10,504 

Number of new insurers during the year 1.804 

Number of deaths during the year among the insured 69 

Number of insured whose policies have been terminated dur- 
ing the year otherwise than by death 1,019 

Number of insured lives at date of statement 11,220 

Subscribed and sworn to, 6th February, 189S, by 

C. M. TAYLOR, 

Vice-President 

W. H. RIDDELL, 

Secretary. 
(Received, 8th February, 1893.) 



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LIFE INSURANCE COMPANIES. 287 

PHCENIX MUTUAL LIFE INSURANCE COMPANY. 



Statement for the Year ending 31st December, 1892. 
President — Jonathan B. Bunce. | Secretary— Chas. H. Lawrence. 

Principal Office — Hartford, Conn. 

Agent in Canada — Mrs. H. D. Simpson. | Head Office in Canada — Montreal. 

(Incorported, May, 1851. Commenced business in Canada, October, 1866.) 



capital. 



Amount of capital paid up in cash and not yet purchased by the policy- 

holders under Act of the Legislature $ 1,050 00 



ASSETS IN CANADA. 

Stocks and bonds in deposit with the Eeceiver-General : — 

Par value. 

County of Middlesex bonds $ 80,000 00 

Niagara Falls Park bonds 99,280 00 

$ 129,280 00 

Carried out at market value $ 135,470 00 

Gross premiums due and uncollected on Canadian policies in force $ 336 12 

Gross deferred premiums on same 1,055 85 



Total outstanding and deferred premiums S 1,391 97 

Deduct cost of collection at 10 per cent 139 19 

Net outstanding and deferred premiums 1,252 78 

Total assets in Canada $ 136,722 78 

LIABILITIES IN CANADA. 

*Amoiyit estimated to cover the net reserve on all outstanding claims 

in Canada $ 400,000 00 

Claims for death losses adjusted butnotdue 4,110 00 

Total liabilities in Canada $ 404,110 00 

INCOME IN CANADA. 

Gross amount of premiums received in cash during the year on life 

policies in Canada $ 22 326 17 

Premiums paid by dividends 6,955 27 

Total $ 29,281 44 

Deduct premiums paid to other companies for reinsurance * 232 20 

Total net premium income ! $ 29,049 24 

Amount received for interest or dividends on stock, &c 5,307 90 

Total income in Canada $ 34,357 14 



'Estimate based on the average of the Company's entire amount at risk. American Experience 4£ 
percent. 



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288 DEPARTMENT OP FINANCE — INSURANCE BRANCH. 

PHCENIX MUTUAL LIFE— Concluded. 

EXPENDITURE IN CANADA. 

Amount paid during the year on claim* in Canada, viz. : — 

On account of death claims $ 37,144 00 

On account of matured endowments 27,976 00 

Net amount paid on account of claims $ 65,120 00 

Cash paid for surrendered policies 185 00 

Cash dividends applied in payment of premiums in Canada 6,955 27 

Total net amount paid to policy-holders in Canada $ 72,260 27 

Cash paid for commission, salaries and other expenses of officials in 

Canada 



Total expenditure in Canada 

MISCELLANEOUS. 

No. Amount. 
Number of policies become claims in Canada during the year. 62 

Amonntof said claims , $ 64,139 00 

Number of policies in force in Canada at 31st December, 1892. 1,073 

Amount of said policies 1,147,438 00 

Number and amount of policies terminated during the year in Canada: — 

No. Amount. 

1. By death 29 $ 35,918 00 

2. By maturity 43 31,562 00 

3. By expiry 21 35,000 00 

4. By surrender 1 1,000 00 

(For which cash value has been paid, $185.) 

5. By surrender, $11,800. 

(For which paid-up policies have been granted to 
amount of 86,333.) 

Difference of amounts carried out 5,467 00 

6. By lapse 4 12,500 00 

7. Reduced 1,000 00 

Total _98 $ 122,447 00 

Policies in force at beginning of year in Canada 1,170 $1,267,885 00 

Policies reinstated 1 2,000 00 

Policies terminated as above 98 122,447 00 

Policies in force at date of statement 1,073 1,147,438 00 



Number of insured lives — No return. 



Subscribed and sworn to, 6th March, 1893, by, 

HARRIET D. SIMPSON, 

Chief Agent in Canada. 
(Received, 8th March, 1893.) 



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LIFE INSURANCE COMPANIES. 289 

THE PROVIDENT SAVINGS LIFE ASSURANCE SOCIETY OP NEW YORK. 



Statement for the Year ending 31st December, 1892. 

President— Sheppard Homans. | Secretary — William B. Stevens. 

Principal Office — New York City. 
Agent in Canada — R. H. Matson. | Head Office in Canada— Toronto. 

(Incorporated, 25th February, 1875. Commenced business in Canada, 

March, 1889.) 



CAPITAL. 

« 

Amount of capital paid up in cash.. $ 100,000 00 



A88ET8 IN CANADA. x 

Stocks and bonds in deposit with Receiver-General, viz. : — 

Par value. Market value; 

Province of Quebec 5 p.c. bonds. $ 13,500 00 $ 14,986 00 

Montreal City 4 p.c. Ixmds 41,000 00 43,357 50 



Total par and market values $ 54,500 00 8 58,34 2 50 

Carried out at markot value $ 58,342 50 

Gross premiums due and uncollected on Canadian policies in force $ 4,875 12 

Gross deferred premiums on same 2,412 48 

Total outstanding and deferred premiums $ 7,287 60 

Deduct cost of collection at 10 p.c 728 76 

Net outstanding and deferred premiums.... 6,558 84 

Total assets in Canada $ f>4,901 34 



LIABILITIES IN CANADA. 

Amount estimated to cover the net present value of all Canadian poli- 
cies in force $ 17,000 00 

Claims for death losses unadjusted but not resisted (since paid) 12,000 00 

tfotal liabilities in Canada > 29,000 00 

INCOME IN CANADA. 

Cash received for premiums $ 53,639 28 

Premiums received for reinsurances 9,030 54 

Premiums paid by dividends 5,233 31 

Total premium income $ 67,903 13 

Received for interest on bonds in Canada 2,315 00 

Total income in Canada > 70,218 13 

4-19 



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290 DEPARTMENT OF. FINANCE — INSURANCE BRANCH. 

THE PROyiDENT SAVINGS— Continued. 

EXPENDITURE IN CANADA. 

Net amount paid for death claims $ 12,000 00 

Cash dividends applied in payment of premiums in Canada 5,233 31 

Total net amount paid to policy-holders in panada $ 17,233 31 

Gash paid for commissions, salaries and all other expenses of officials 

in Canada 16,936 03 

Cash paid for taxes, &c „ 1,029 14 

Miscellaneous payments, viz.: — 

Bent, $469.85; advertising, $712.16; medical fees, $1,670; postage, 

stationery and general expenses, $1,414.57 4,266 58 

Total expenditure in Canada $ 39,465 06 



MISCELLANEOUS. 

Number of new policies reported during the year as taken in 

Canada .../. 393 

Amount of said policies- .....$ 883,000 00 

Number of policies become claims in Canada during the year 4 

Amount of said claims 24,000 00 

Number of policies in force in Canada at date 957 

Net amount in force, 31st December, 1892 2,345,000 00 



Number and amount of policies terminated during the year in Canada: — 

No. Amount. 

1. By death 4 $ 24,000 00 

2. By lapse 176 410,000 00 

Total 180 $ 434,000 00 



Policies in force in Canada at the beginning of the year 744 $1,896,000 00 

Policies issued during the year 492 1,065,000 00 

Policies terminated as above 180 434,000 00 

Policies terminated otherwise (not taken) 65 180,000 00 

Policies in force at date of statement 957 2,345,000 00 



Number of insured lives at beginning of year 701 

Number of newinsurers during the year 354 

Number of deaths during the year among the insured 4 

Number of insured whose policies have been terminated during 

the year otherwise than by death 173 

Number of insured lives at date of statement 878 



Subscribed and sworn to, 24th January, 1893, by 

B. H. MATSON, 
(Beceived, 25th January, 1893.) Chief Agent. 

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Liri' IN8UBAN0K 00MPANIB8. v 291 

THE PKOVIDENT SAVINGS— Continued. 

General Business Statement fob the Year ending 31st December, 1892. 

(As returned to the Insurance Department, State of New York.) 

INCOME DURING THE TEAR. 

Total premium income $1,851,299 47 

Interest 33,772 49 

Received from other companies for losses or claims of this company 

reinsured 8,000 00 

Discount on claims paid in advance 9,150 43 

Total income $1,902,222 39 

DISBURSEMENTS DURING THE YEAR. 

Amount paid for losses $ 834,902 97 

Annuitants 840 70 

Surrendered policies 849 84 

Dividends to policy-holders 344,904 85 

Commissions to agents 248,711 58 

Dividend to stockholders 6,977 60 

Salaries and travelling expenses of managers of agencies and special 

agents 26,095 70 

Salaries of officers and office employees 52,646 84 

Medical examiners' fees 27,465 50 

Premiums paid to other companies for reinsurance 11,381 21 

Taxes, licenses, fees or fines 23,297 67 

Rent 19,208 49 

All other expenditure 48,356 75 

Total disbursements $1,645,639 70 

ASSETS. 

Cost value of real estate, less encumbrances $ 234,056 93 

Loans on bonds and mortgages, first liens on real estate 80,400 00 

Loans secured by pledge of bonds, stocks and other marketable col- 
laterals 117,500 00 

Loans to policy-holders on the company's policies, assigned as col- 
laterals 1,904 55 

Cost value of bonds and stocks owned 583,297 63 

Cash on hand and in banks 74,434 34 

Agents' ledger balances and bills receivable 61,732 24 

Total net or invested assets , $1,153,325 69 

Deduct depreciation from cost of assets to bring same to market value. 22,101 25 

Total net or invested assets, less depreciation $1,131,224 44 

OTHER ASSETS. 

Interest accrued 8,172 67 

Rents accrued 6,153 50 

Market value of real estate and bonds and stocks over cost 25,131 25 

Not amount of uncollected and deferred premiums 116,328 37 

Total $1,287,010 23 

Deduct items not admitted 61,732 24 

Total assets $1,225,277 99 

4— 19J 



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292 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE PKOVIDENT SAVINGS— Concluded. 

LIABILITIES. 

*Net premium reserve on 31st December, 1892 $ 388,146 00 

Total policy claims ... 110,500 00 

Total liabilities . $ 498,646 00 

RISKS AND PREMIUMS. 

No. Amount 

Number of new policios issued 6,710 

Amount $19,4:52.316 00 

Number of policies terminated 3,665 

Amount 12,350,721 00 

Number of policies in force at 31st December, 1892 22,061 

Net amount in force 76,843,241 00 

/ - 

Subscribed and sworn to, by 

SHEPPARD HOMANS, 

President 
WM. E. STEVENS, 

Secretary. 

New York, 25th January, 1893. 



* American Experience Table of Mortality, with 4J per cent interest. Computed by the New York 
Insurance Department. 



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LIFE INSURANCE COMPANIES. 293 

THE QUEEN INSURANCE COMPANY. 



Statement for the Tear ending 31st December, 1892. 

Chairman — Thomas H. Jackson. — Manager — J. K. Rumford. 

Principal Office — Liverpool, England. 

Chief Agent in Canada — I Mead Office in Canada, 

H. J. Mudge. I 1759 Notre Dame Street, Montreal. 

(Established 22nd July, 1858. Commenced business in Canada, 5th July, 3859.) 



{For Capital, see Fire Statement) 



ASSETS IN CANADA. 

Amount of loans made to Canadian policy-holders on the Company's 

policies, assigned us collaterals $ 5,109 07 

Stocks and bonds in deposit with Receiver-General, viz. : — 

Far value. Market value. 

Canada 4 per cent inscribed stock I 51,100 00 $ 51,100 00 

City of Toronto debentures 24,338 00 24,333 00 

City of Hamilton do 18,040 00 18,040 00 



I 93,473 00 $ 33,473 00 



Carried out at market value... 93,473 00 

Cash at head office in Canada 6 27 

Cash in Blolsons Bank 956 49 

Agents' ledger balances........ 1,382 95 

Interest due 498 99 

Due by Queen Insurance Company of America 11,486 66 



Total assets in Canada $ 112,913 43 



LIABILITIES IN CANADA. 



* Amount cotixpated to cover the net reserve on all outstanding poli- 
cies in Canada S 96,634 00 

Total net liability to policy-holders in Canada ..$ 96,634 00 



INOOME IN CANADA. 



Amount of premiums received in cash during the year on life policies 

in Canada $ 6.352 59 

Amount received for interest or dividends on stock, &c 2,548 63 



8,901 22 



* Based on Institute of Actuaries' H.M. Table, 3£ per cent interest. 



294 DEPARTMENT OF FINANCE — IN8URANCE BRANCH. 

THE QUEEN— Concluded. 

EXPENDITURE IN CANADA. 

Amount paid during the year on claims in Canada, viz.: — 

On account of death claims $ 7,6 



Net amount paid on account of claims $ 7,683 39 

Gash paid for surrendered policies 1,427 39 

Cash dividends paid to Canadian policy-holders 400 05 

Total not amount paid to policy-holders in Canada $ 9,410 83 

Cash paid for commission, salaries and other expenses of officials 282 19 

Cash paid for taxes, &c. 50 00 

Total expenditure in Canada .$ 9, 713 02 

MISCELLANEOUS. 

Number of new policies reported during the year as taken in 

Canada None. 

Number of policies become claims in Canada during the year 4 

Amount of said claims (including bonus additions, $1,174.22).... $ 7,583 39 

Number of policies in force in Canada at date 143 

Amount of said policies $ 234,205.27 

Bonus additions 24,220.24 



Total amount in force, 31st December, 1892 258,425 51 

Number and amount of policies terminated during the year in Canada : — 

1. By death (including $1,174.22 bonus additions) 4 $ 7,583 39 

2. By surrender (including (1,507.29 bonus additions) 5 6,836 79 

(For which cash value has been paid, $1,427.31*) 

3. By lapse 1 1,000 00 

Total (including bonus additions, $2,681.51; 10 $ 15,420 18 



Policies in force at beginning of year (including bonus addi- 
tions, $26,901.75) 153 $ 273,845 69 

Policies terminated as above (including bonus additions, 

$2,681.51) 10 15,420 18 

Policies in force at date of statement (including bonus additions, 

$24,220.24) 143 258,425 51 



Number of insured lives at beginning of year in Canada 142 

Number of deaths during the year among insured 4 

Number of insured whose policies have been terminated during 

the year otherwise than by death ,... 6 

Number of insured lives at date of statement 132 



Subscribed and sworn to, 28th February, 1893, by 

H. J. MUDGE, 

Chief Agent. 

(Received, 1st March, 1893.) 



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LIFE IN8UBANCE COMPANIES. 295 

THE EBLIANCB MUTUAL LIFE ASSURANCE SOCIETY OF LONDON. 

Statement for the eleven months ending 31st December, 1892. 

Chairman — W. W. Duffielik | Secretary — E. Clifton Griffith. 

Principal Office — 71 King William Street, London, England. 

Attorney in Canada — I Head Office in Canada — 

J. CA88IE Hatton. I 1724 Notre Dame St., Montreal. 

(Established, 1840. Commenced business in Canada, 1st August, 1868.) 

no capital. 

ASSET8 IN CANADA. 

New 3 per cent British annuities in deposit with Receiver- General $ 110,277 00 / 

Cash in hand : 129 85 

Cash in Molsons Bank 5,730 68 

Total assets in Canada > 116,1 37 53 

LIABILITIES IN CANADA. 

Under Policies issued previous to 3Ut March, 1878. 
*Amount of reserve on all outstanding policies in Canada $ 67,000 00 

Total liabilities to said' policy-holders in Canada $ 67,000 00 

Under Policies issued subsequent to 31a* March, 1878. _* 

*Net reserve on all outstanding policies in Canada % 33,0Q0 00 

Total net liabilities to said policy-holders in Canada $ 33,000 00 

Total liabilities to all policy-holders in Canada $ 100,000 00 

INCOME IN CANADA. 

Gross amount of premiums received in cash during the eleven months 

on life policies in Canada $ 6,227 45 

Interest on bank deposit 272 41 

Total income '. > 6,499 86 

EXPENDITURE IN CANADA. 

Cash paid for death losses in Canada I 9,12130 

Cash paid for matured endowments 2,115 00 

Total paid for death claims and matured endowments % 11,236 00 

Amount paid for surrendered policies 655 78 

Total net amount paid to polioy-holders in Canada $ 11,891 78 

Cash paid for commissions, salaries and other expenses of officials 336 82 

Cash paid for postage, stationery. &c 44 16 

Taxes, &c f 4 62 

Total expenditure in Canada % 12,277 38 

* Reserve based on Institute of Actuaries' H.M. Table of Mortality, with 4$ per cent interest. 
Estimated by the Department. 



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296 DEPARTMENT OF FINANCE — IN8URANOE BRANCH. 

RELIANCE MUTUAL LIFE— Continued. 

MISCELLANEOUS. 

No. Amount. 

Number of policies become claims in Canada daring tbe eleven 

months 9 

Amount of said policies $ 11,419 50 

Number of policies in force in Canada at date 216 

Amount of said policies $ 260,648 40 

Bonus additions 12,93152 



Net amount of policies in force in Canada, 31st December, 1892 273,579 92 



Number and amount of policies terminated during the eleven months in Canada: — 

No. Amount 

1. By death (including $314.50 bonus additions) 7 $ 9,314 50 

2. By maturity (including bonus additions, $105.00) 2 2,105 00 

3. By surrender (including bonus additions, $179.50) 3 3,659 50 

(For which cash value has been paid, $655.78.) 

Total (including bonus additions, $599.00) 12 $ 15,079 00 



No. Amount 

Policies in force at 31st January, 1892 (including bonus additions, 

$13,530.52) 228$ 288,658 92 

Policies terminated as above (including bonus addition^ $599.00.) 12 15,079 00 
Policies in force at date of statement f including $12,931.52 bonus 

additions) 216 273,579 9J 



Number of insured lives at 31st Jauuary, 1892 228 

Number of deaths during the year among the insured 7 

Number of insured whose policies have been terminated otherwise 

than by death * 5 

Number of insured lives at date of statement 216 



DETAIL OF POLICIES ISSUED SINCE 31ST MARCH, 1878. 

Policies in force at beginning of year (including $2,614.25 bonus 

additions) 90 $ 85,297 53 

Policies terminated as above (including bonus additions, $179.50). 2 3,179 50 
Policies in force at date of statement (including $2,434.65 bonus 

additions) ... 88 82,117 93 



Subscribed and sworn to, 27th February, 1893, by 

J. CASSIE HATTON, 
(Received, 28th February, 1893.) Attorney. 



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LIFS INSURANCE COMPANIES. 



297 



BELIANCE MUTUAL LIFE— Continued. 

General Business Statement for the Tsar ending 31st December, 18'.'2. 

(Abstracted from the Directors' Report, London, Eng., 25*A April, 1893.) 

The amount of assurance business proposed to the society for 1892 was £327,816, 
and policies were issued for £180.295 at single and annual premiums of £8.150 
15s. 7d. 

The total premium income amounted to £87,942 0s. Id., but of this sum £9,361 
12s. 5d. was paid to other offices for reassurances.- The net revenue for the past 
year, inclusive of interest on investments, was £107,085 8s. 8d. 

The claims arising from death were in respect of 180 members assured for 
£83,335 8s. 10d., and thosq from the maturing of endowment policies were 20 in 
number, and £3,676 14s. lOd. in amount, the total claims under the two heads being 
£87,012 3s. 8d. 

The death of two annuitants has caused the lapsing of two annuities amounting 
to £60. 

The directors regret that the exceptionally heavy death rate for the year, arising 
vory much from serious epidemics, has made itselt felt upon the funds of the society. 

The whole of the assets have been subjected to a stringent valuation, and it has 
been found necessary to write down considerable sums owing to depreciation in 
landed and other properties. The accumulated fund now stands at £718,578 69. 4d. 

The policy-holders will have been fully informed of the terms of an agreement 
between this society and the Norwich Union Life Insurance Society by the secre- 
tary's circular, of the 7th inst., and a meeting will be called at an early date, when 
a resolution in reference to such agreement will be submitted for adoption. 



E eve nub Account for the Tear ending 31st December, 1892. 



Amount of funds at the beginning of 
the year 

Premiums— Less amount 
paid in respect of reassu- 
rances (£9,361 12*. 5d.). £78, 580 7 8 

Interest and dividends. . . 28,080 8 9 

Consideration for annu- 
ities granted 247 8 

Assignment fees 55 10 



Loan guarantee fund 

Other receipts 



£ s. d. £ s. d. 

Claims with bonus additions, less re- 

754,833 8 3 assurances 83,335 8 10 

Endowment policies matured 3,676 14 10 

Annuities 1,447 6 9 

Surrendered policies 7,237 1 

Bonus in reduction of premium and 

in cash 1,625 15 3 

Commission 3,001 5 8 

Revaluation of securities.— Amount 

106,963 14 5 written off 32,714 5 6 

102 7 6 EXPEN8K8 OF MANAGEMENT— 

19 6 9 General expenses.... £7,829 10 4 
Branch office* and 

agency extension . . 2,405 18 5 

Policy stamps 67 4 



Amount of funds at the end of the 



£861,918 16 11 



year. 



10,302 12 9 
718,578 6 4 
£861,918 16 11 



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298 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

BBLIANCE MUTUAL LIFE-Concluded. 
Balance Sheet on the 31pt December, 1892. 

LIABILITIES. - A88ETS. 

£ e. d. £ 8. d. 
Amount of funds as per revenue ac- 
count 718,678 6 4 Mortgages on property within the 

Claims admitted but not paid 12,812 5 10 United Kingdom 254,569 5 4 

Loans on society's 

policies £32,500 16 4 

Loans on personal se- 
curity with policies. 39,985 12 5 

72,436 8 

Half credit premium 

loans 11,144 3 10 

< Absolute reversions... £10,049 2 
Contingent do .. 11,717 4 2 
Life estates and annui- 
ties in possession 165,587 1 8 

Reversionary life in- 
terests 82,205 

269,558 7 10 

Accounts receivable 1,116 1 9 

Proportionate interest accrued on ad- 
vances 7,684 11 4 

Agents balances 1,473 15 3 

Current premiums out- 
standing [day 8 of 

grace running) £17,008 18 10 

Less reassurances 3,760 16 3 

13,248 2 7 

Investments :— 

British Government securities. . . 42,080 5 7 

Freehold rent charges 9,412 15 7 

House property, including furni- 
ture and fixtures, less leasehold 

redemption fund 30,293 7 7 

Balance at bankers at call and on 
current account 18,373 6 9 

£731,390 12 2 £731,390 12 2 



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LIFE INSURANCE COMPANIES. 299 

THE EOYAL INSURANCE COMPANY. 

Statement for the Year ending 31st December, 1692. 
Chairman — W. H. Maxwell. | Manager — J. H. McLaren. 

Principal Office — Liverpool, England. 

Agent in Canada— Wm. Tatley. | Head Office in Canada — Montreal. 

(Established 3lst May, 1845. Commenced business in Canada, 1851.) 

{Far Capital and Assets, see Fire Statement) 

LIABILITIES IN CANADA. / 

Under Policies issued previous to 31s* March, 1878. 

*Amount estimated to cover the reserve on all outstanding policies in 

Canada $ 290,000 00 

Claims for death losses — unadjusted but not resisted 10,037 49 

Total net liabilities to said policy-holders in Canada % 30 0,037 49 

Under Policies issued subsequent to 31st March, 1878. 

* Amount estimated to cover the reserve on all outstanding policies in 

Canada , $ 30,000 00 

Total net liabilities to said policy-holders in Canada $ 30,000 00 

Total liabilities to all policy-holders in Canada $ 33 0,037 49 

INCOME IN CANADA. 

Amount of premiums received in cash during the year on life policies 

in Canada % 18,787 96 

EXPENDITURE IN CANADA. 

Cash paid on account of death claims, including bonus additions $1,801.40 / 

(of which $1,355 accrued in previous year) $ 11,405 95 

Cash paid for matured endowments Nil. 

Amount paid to annuitants 221 95 

Cash paid for surrendered policies 140 73 

Total net amount paid to policy-holders in Canada ..$ 11,768 63 

Cash paid for commissions, &c » 771 45 

Taxes, licenses, fees or fines 137 20 

Total expenditure in Canada < 12,677 28 

•Based on Institute of Actuaries' H. M. Table with interest at 4$ per cent, estimated by the Depart- 
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300 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

BOYAL— Continued. 

MISCELLANEOUS. 
* No. Amount. 

Numbor of new policies reported during the year as taken in 

Canada None 

Number of policies become claims in Canada during the year.... 6 

Amount of said policies $ 14,620 00 

Bonus additions thereon - 4,188 89 



Number of policies in force at date 240 

Amount of said policies. .' $ 601,735 38 

Bonus additions thereon 118,966 76 



$ 18,803 89 



Net amount in force, 31st December, 1892 120,701 09 



Number and amount of policies terminated during the year in Canada: — 

No. Amount. 

1. By death (including bonus additions, $4,183.89) 6 $ 18,803 89 

2. By surrender 1 123 00 

(For which cash value has been paid, $34.50.) 

3. By surrender, $l,i>32.50. 

(For which paid-up policies have been granted to 
the amount of $1,050.) 
Difference of amounts carried out (including bonus ad- 
ditions, $232.50) 882 50 

4. By lapse 2 4,006 66 

Total (including bonus additions, $4,416.39) 9 $ 23,816 05 



No. Amount. 

Policies in force at beginning of year in Canada (including bonus 

additions, $123.089.76) 249 $ 744,224 75 

Bonuses added 292 39 

Policies terminated as above (including bonus additions, 

$4,416.39) 9 23,816 05 

Policies in force at date of statement (Including bonus addition*, 

$118,965.76) 240 720,701 09 



Number of insured lives at beginning of year in Canada 231 

Number of deaths during the year among the insured 6 

Number of insured who>e' policies have been terminated during 

ihe year otherwise than by death 3 

Number of insured lives at date of statement 222 



Detail of Policies issued since 31st March, 1878. 

No. Amount 
Policies in force at beginning of year in Canada (including bonus 

additions, $8,070) 53 $ 144,593 92 

Bonuses added , 40 00 

Policies terminated as above (including bonus additions, $40)... 3 2,763 00 
Policies in force at date of statement (including bonus additions, 

$8,070) 50 141 ,870 92 

Subscribed and sworn to, 9th March, 1893, by 

WM. TATLEY, 

Chief Agent 
(Received, 10th March, 1893.) 



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LIFE INSURANCE COMPANIES. 301 

ROYAL— Continued. 

General Business Statement for the Tear ending 31st December, 1891. 

{Abstracted from the Directors 1 Report, Liverpool, England, 24tth June, 1892.) 

LIFE DEPARTMENT. 

During the year new proposals were accepted for £848,120, of which amount 
£760,759 has been completed, and the corresponding annual premiums obtained to 
the closing of the accounts were £28,783 10s. 7d. The proposals declined during 
the period amounted to £98,488. The total income from premiums, after deducting 
reassurances, amounted to £329,855 2s. 9d., and the Interest received .from invest- 
ments, exclusive of that on the annuity fund, was £150,387 7s. 6d. The claims 
during the year were : — 

By Death— Original sums assured £199,247 11 11 

Bonus additions thereon 31,676 5 7 

By Matured jpolicies (including children's endowments): — 

Original sums assured 20,569 11 5 

Bonus additions thereon ; 2,238 12 1 

£253,7<2 1 

In the annuity branch the purchase money received for new annuities, together 
with the premiums on contingent annuities, amounted to £13,414 5s. 5d., and tho 
interest to £8,223 17s. lid. Fifty-four annuities have expired during the year, the 
annual payments on which amounted £1,938 18s. 3d. 

After payment of all claims, annuities, bonuses in cash and expenses of every 
description, a balance of £162,672 14s. 9d. has been added to the life funds, making 
the total accumulations of the life and annuity branches of the company, including 
the life and annuity funds of the " Queen," £4,546,576 15s. 4d. 

The Act of Parliament which confirmed the agreement for the transfer of the 
Queen Insurance Company received the Royal assent on the 3rd of July last, and 
the accounts now presented include the business of that Company during the second 
half of the year only. A statement of account is annexed showing how the securi- 
ties of that company have been dealt with and apportioned among the various funds 
of the "Royal." 

PROFIT AND LOSS. 

The amount at the credit of the profit and loss account, after deducting the 
proportion of undivided life profits divisible for the year, and giving effect to the 

addition from "Queen "funds, was £376,121 16 4 

To which have been added — 

Profit on the fire business £ 80,402 1 I 

Interest on fire fund 30,913 3 

Intorest, not carried to other accounts 89,760 16 11 ' 

Proportion of undivided life profits 18,776 17 9 

Transfer fees 151 11 6 

220,004 7 6 



Leaving at the credit of the account at the end of 1891 £596,126 3 10 

DIVIDBND. 

The directors now recommend, in addition to the interim dividend 
of 12s. per share paid in January last, a payment of 23s. further 
dividend on 1st July, both free of income tax, which will absorb. 213,909 10 

Leaving a balance at the credit of the account to be carried 

forward of. £382,216 13 10 



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302 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

EOYAL— Concluded. 

FUNDS. 

After providing for payment of the dividend, the funds of the company will 
stand as follows, viz. : — 

Capital paid-up ; £ 366,702 

Fire fund £700,000 

Conflagration fund 200,000 

900,000 

Resorvefund 1,582,393 11 7 

Lifefunds... 4,546,57b" 15 4 

Superannuation fund 40,041 6 5 

Reserve for expiring treaties of the "Queen " 76,426 15 3 

Balance of profit and lo**s _ 38 ?!?^ 1 ? 10 

Revenue Accounts for the Year ending 31st December, 1891. 
life assurance account. 

1891. £ b. d. 1891. £ s. d. 

Amount of life assurance fund at the Claims under life policies including 

beginning of the year. 3,403,892 14 10 reversionary bonuses after deduc- 

A mount carried from " Queen " tion of sums reassured 253,732 1 

funds 751,266 14 1 Surrenders 20,196 8 7 

Premiums after deduction of reas- Bonuses in cash and in reduction of 

surance premiums 329,855 2 9 premiums 247 6 11 

Interest 150,387 7 6 Commission 16,925 14 3 

Assignment fees 104 6 Expenses of management 25,041 5 10 

Amount of life assurance fund at the 
end of the year, as per balance 
sheet : 4,319,363 8 7 

£4,635,506 5 2 £4,635,506 5 2 

ANNUITY ACCOUNT. 

1891. £ s. d. 1891. £ s. d. 

Amount of annuity fund at the be- Annuities 22,624 15 4 

ginning of the year 182,424 14 10 Commission 280 17 6 

Amount carried from " Queen " Expenses of management 263 15 5 

funds 46,319 16 10 Amount of annuity fund at the end 

-Consideration for annuities granted 13,414 5 5 of the year, as per balance sheet. 227,213 6 9 

Interest 8,223 17 11 

£ 250,382 15 £ 250,382 15 

(For Balance Sheet see Fire Statement. ) 



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LIFE/ IN8UBANCE COMPANIES. 303 

THE SCOTTISH AMICABLE LIFE ASSURANCE SOCIETY. 



Statement for the Tear ending 31st December, 1892. 
President — Lord Kelvin, LL.D., D.C.L. | Secretary — William G. Spens.. 

Manager — Eobbrt Blyth. | Principal Office — Glasgow. 

Agent in Canada — W. W. Robertson. | Head Office in Canada — Montreal. 

(Founded at Glasgow, 1st January, 1826. Incorporated by Aot of Parliament, 1849. 
Commenced business in Canada, 1846.) 



A purely mutual society. 



ASSETS IN CANADA. 

* Canada Atlantic Railway (Province of Ontario railway subsidy fund) 

certificates ; present value $ 87,652 01 

* Canadian Pacific Railway land grant bonds; par value, $100,000; 

market value 96,360 00 

Amount of loans made to Canadian policy-holders on the Society's 

policies assigned as collaterals 16,815 97 

Interestdue 206 83 

Gross premiums due and uncollected on Canadian policies in force 45 85 

Total assets in Canada $ 201,080 66 

LIABILITIES IN CANADA. 

Amount of claims on policies in Canada due and unpaid # 486 67 

t Amount estimated to cover the net reserve on all outstanding policies 

in Canada 117,286 67 

Total liabilities in Canada $ 117,773 34 

INCOME IN CANADA. 

Amount of premiums received in cash during the year on life policies 

in Canada $ 6,940 58 

Interest on policy loans.. 853 25 

Total income < 7,793 83 

EXPENDITURE IN CANADA. 

Amount paid on account of death claims $ 13,140 00 

Total net amount paid to policy-holders in Canada , $ 13,140 00 

Cash paid for taxes, licenses, fees or fines < 12 47 

Legal expenses 55 66 

Total expenditure in Canada $ 13,208 13 

Digitized by VjOOQIC 



* In deposit with the Receiver-General. 

+ Reserve based on Institute of Actuaries' Table of Mortality, with 4J per cent interest. 



304 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

SCOTTISH AMICABLE LIFE— Continued. 

MISCELLANEOUS. 

Number of policies become claims in Canada during the year 3 

Amount of said claims $ 11,193 83 

Number of policies in force in Canada 124 

Amount of said policies $295,805 49 

Bonus additions thereon 11,478 93 

Net amount in force at 31st December, 1892 307,284 42 

Number and amount of policies terminated during the year in Canada : — 

No. Amount. 

1. By death 3 $ 11,193 33 

2. By surrender, $4,988.33. 

(For which paid up policies have been granted to 
amount of $973. 33.) 
Difference of amounts carried out 4,015 00 

Total 3 $ 15,208 33 

No. Amount 

Policies in force at beginning of year (including bonus additions, 

$11,478.92) 127 $ 322,492 75 

Policies terminated as above 3 15,208 33 

Policies in force at date of statement (including $11,478.92 

bonus additions) 124 307/284 42 



Number of insured lives at beginning of year ~ 119 

Number of deaths among the insured 3 

Number of insured lives at date of statement 116 

Subscribed and sworn to, 26th January, 1893, by 

EOBERT BLYTH, 

Manager. 
(Received, 9th February, 1893.) 



General Business Statement for the Tear ending 31st December, 1891. 
(Abstracted from the Directors 9 Report, Glasgow, hth May, 1892.) 

The directors have to report that during the year ending 31st of December 
last, they received and considered 694 proposals for assurance, amounting in all to 
£419,823. These applications resulted in 602 policies being issued and taken up, 
assuring the capital sum of £357,023 ; the hew premiums on which — including 
£2,662 13s. lid. of single payments — amounted to £13,447 6h. lid. In addition to 
this, the sum of £10,67."> 15s. 6d. was received for "annuities granted during the year. 

The number of deaths in 1891 was 272, and the consequent claims," including 
bonus additions, and after deducting re-assurances, amounted to £199,773 6s. 3d. 

The society has also paid the sum of £10,800, under policies which became 
claims by survivance. 

By the deaths of 16 annuitants the society has been relieved of payments 
amounting to £1,809 12s. per annum. 

The accounts hereto appended show that the total income was £352,003 14s. 
lid., and the total outgo £264,648 19s., resulting in the sum of £87,854 15s. lid. 
being added to the net funds, which at 31st December last amounted to £3,190,384 4s. 



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LIFE IN8UBAN0JC COMPANIES. 



305 



THE SCOTTISH AMICABLE LIFE— Concluded. 

The total assurances on the society's books at 31st December last amounted 
to £8,200,862 8s. under 14,772 policies. 

The general committee of management, in torms of the powers entrusted to 
them, have orderod payment of a bonus at the rate of one and a half per cent per 
annum, on all participating polioies of not less than five years' standing, that may 
become claims by death before the 1st July, 1893. Such bonus to be computed for 
each complete year sinoe the declaration at last septennial investigation. 

Bevenue Account fob the Yeae ending 31st December, 1891. 

£ b. d. £ s. d. 



Amount of funds at beginning of 
the year, as per last published re- 
port 

Premiums (after de- 
duction of reassur- 
ances)... £203,839 1 6 

Consideration for an- 
nuities granted 10,675 15 6 

Interest and rents.. . . 137,395 17 11 

Office fees 93 



Claims under policies (after deduc- 
tion of sums reassured) — 

3,103,029 8 1 By death £199,773 6 3 

By survivance... 10,800 



352,003 14 11 



Surrenders . 

Bonuses paid in cash 

Annuities 

Commission 

Expenses of management, includ- 
ing rents of offices belonging to 
and occupied by the society 

Income tax 



210,573 6 


3 


13,691 17 


8 


800 9 


7 


9,810 3 10 


7,013 16 


9 



19,568 
3,191 4 



£3,455,033 3 



£ 264,648 19 
Net amount of funds at the end of 

the year as per Balance Sheet 3,190,384 4 

£3,455,033 3 



Balance Sheet on the 31st December, 1891. 

Liabilities. Assets. 



Assurance and annuity fund. . . 
Guarantee tund 



£ s. d. 

3,090,384 4 
100,000 



Nvrfund* as per revenue account £3,190, 384 4 

Claims under policies admitted or 

intimated, but not paid 58,057 12 10 

Investment fluctuation account 13,668 13 5 

Depreciation of House property ac- 
count 5,000 

Premiums due and prepaid 169 2 3 

Annuities due 411 6 

I 



Mortgages— 

On property in the United King- 
dom . 

On property out of United King- 
dom 

Lonns — 

On the society's policies 

On life-rents 

On reversions 

Under drainage and public 
health Acts 

On personal security (Nil) 

On railway and other shares. . . . 
Investments- 
Reversions purchased 

Life interests purchased. 

Indian Government securities. . 

Debentures of corporate bodies. 

Ontario Government certificates 

Railway and other shares, guar- 
anteed and preference 

Heritable property 

Glasgow corporation water an- 
nuities 

Ground rents and feu-duties 

Deposit for fixed term 

Outstanding premiums 

Outstanding interest, and interest 

accrued, but not yet payable 

Cash in bank £9,740 17 6 

do deposit. 64,195 11 7 

Bills on hand 

Agents' balances 



£ s. d. 

781,670 17 6 

408,626 5 

225,365 18 2 

21,697 5 9 

16,060 

2,239 4 5 

53,000 

20,630 

211 12 10 

59,077 18 2 

174,502 4 2 

19,715 16 

723,093 10 2 

212,155 18 2 

27,471 12 

346,513 2 4 

50,000 

30,860 11 5 

19,173 17 7 



73,936 9 1 

1,096 7 

392 9 8 



£3,267,690 13 



4—20 



£3,267,690 13 
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306 / DEPARTMENT OF FINANCE — IN8URAN0B BRANCH. 

SCOTTISH PKOVIDENT INSTITUTION. 



Statement fob the Tear ending 31st December, 1892. 



Manager — James Graham WatsOn. 



•— -{ssas-L 



Principal Office — 6 St. Andrew's Square, Edinburgh. 
Attorney in Canada — Jno. Dunlop. | Head Office in Canada — Montreal. 

(Instituted in 1837. Incorporated by special Acts of Parliament in 1848 and 1884.) 

ASSETS IN CANADA. 

Amount of loans made to Canadian policy-holders on the company's 

policies assigned as collaterals $ 10,687* 20 

Stocks and bonds owned by the Company, viz. : — 

Canadian Pacific Railway first mortgage bonds (deposited with Receiver- 
General) * 98,5T7 25 

Municipal debentures 1,673,562 76 

Grand Trunk, Georgian Bay and Lake Erie Railway first mortgage bonds. 78,973 33 
Canadian Pacific Railway land grant bonds 47,514 00 

Total earned out at purchase price 1,893,627 34 

Interest due $ 8,467 64 

do accrued 20,675 65 

Total interest , 29,133 29 

Gross premiums due and uncollected on Canadian policies in force $ 259 19 

Deduct cost of collection at 10 per cent 25 92 

Net assets in Canada 233 27 



Total assets in Canada $1,933,681 10 

LIABILITIES IN CANADA. 

* Net reinsurance reserve $ 91,527 03 

Claims for death losses unadjusted but not resisted 4,614 82 

Total liabilities in Canada > 96,141 85 

INCOME IN CANADA. - 

Cash premium income $ 2,494 63 

Eeceived for interest or dividends on stocks, etc 75,698 06 



Total income in Canada .'.. $ 78,192 69 

EXPENDITURE IN CANADA. 

Cash paid for death losses in Canada % 3,549 99 



Total expenditure in Canada $ 3,549 99 

MISCELLANEOUS. 

No. Amount 

Number of policies become claims in Canada during the year 2 

Amount of naid claims (including bonus additions, $1,694.82) $ 4,614 82 

Number of policies in force in Canada at date 67 

Amount of said policies $ 143,216 27 

Bonus additions thereon 37,690 13 

Net amount in force, 31st December, 1892 ;. 180,806 40 



* Institute of Actuaries' H. M. Table of Mortality and 4 per cent interest. 

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LIFE INSURANCE COMPANIES. 307 

SCOTTISH PROVIDENT— Continued. 

Number and amount of policies terminated during the year in Canada: — 

' No. Amount. 

1. By death (including $1,694.82 bonus additions) , 2 $ 4,614 82 

Total __2 $ 4,614 82 

\ 

No. Amount. 

Policies in force at beginning of year in Canada (including bonus 

additions, $38,592.67) 69 8 184,728 94 

Bonus additions vested during the year 692 28 

Terminated as above 2 4,614 82 

Policies in force at date of statement (including bonus additions, 

$37,590.13) 67 180,806 40 



Number of insured lives at beginning of year 69 

Number of deaths during the year among the insured 2 

Number of insured lives at date of statement 67 



Edinburgh, 16th February, 1893. 

JAMES GRAHAM WATSON, 

Manager. 
(Received, 1st March, 1893.) 



General Business Statement for the Tear ending 31st December, 1892. 
{Abstracted from the Directors' Report, Edinburgh, Scotland, 29th March, 1893.) 

The proposals received during the year ending 3lst December, 1892, were 2162, 
for £1,455,665 12s. 3d. ; and of these there were completed 1,936 assurances for 
£1,260,758 12s. 3d., yielding new premiums of £69,054 13s. 10d.— whereof £28,197 
108. Id. was by single payment. £71,500 was reassured with other offices. The 
sum of £52,015 4s. 7d. was received as the purchase price of annuities. 

The premiums of all kinds, including tho price of annuities, amounted to 
£616,725 98. 5d.j or, after deducting reassurances, £607,750 Is. 8d. The total 
receipts for the year, including interest, were £950,480 4s. 3d. 

The claims arising under 696 policies, by the death of 503 members, amounted 
to £480,499 12s. 4d., inclusive of bonus additions. Endowment assurances for 
£9,100, also became payable at maturity. The total claims in the year were thus 
£489,599 12s. 4d. On the other hand, the institution has been relieved from pay- 
ment of annuities to the amount of £1,917 Is. 8d. by the death of the annuitants. 

The claims were considerably higher, both as regards number and amount than 
in any previous year. It may be noted, however, that fully two-thirds of the amount 
was in respect of policies which had participated in the surplus, and that the bonus 
additions on theso ave raged nearly 50 per cent of the original assurances. 

The ratio of expense, notwithstanding the larger new business, was slightly less 
than last year, and was under 10£ per cent of the premiums, or about 6 per cent of 
the total income. 

The realized funds at the 31st December, 1892, after deduction of claims ad- 
mitted but not then paid and other outstanding items, amounted to £8,126.375 8s. 
9d., — the increase during the year being £324,944 0s. 7d. 

The safe and profitable employment of the funds continues to engage the careful 
attention of the directors, and they have considered it to be in the interests of the 

4— 20J 



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308 



DEPARTMENT OF FINANOE — INSURANCE BRANCH. 



SCOTTISH PEOYIDBNT— Concluded. 

members to introduce a bill into Parliament, for farther facilities in regard to invest- 
ments. In accordance with the standing orders of Parliament, a special general 
meeting of members was held on 25th January last, to consider the terms of the 
proposed bill ; and these met with the unanimous approval of the meeting. The 
bill is now passing through the usual stages, and will no doubt soon become law. 
Before, however, any action can be taken under its provisions a special resolution 
defining the powers of investment must be passed at two special general meetings of 
members to be called for the purpose. 

Revenue Acoount for the Year ending 31st December, 1892. 

£ s. d. £ 8. <L 

Amount of funds at beginning of the Claims under policies (after deduc- 

year 7,801,431 8 2 tion of sums reassured) 480,499 12 4 

Premiums (less reassurances) 555,734 17 1 Endowments 9,100 

Consideration for annuities granted . 52,015 4 7 Surrenders 22,836 11 9 

Interest, dividends, and rents 342,032 13 7 Annuities 50,865 9 

Fines for renewal of lapsed policies . 485 9 Income tax 4,207 10 1 

Fees for registration of assignments. 212 Commission (on assurances and annui- 
ties) 13,624 19 

Expenses of management 44,402 9 9 

Amount of funds at the end of the 

year, as per balance sheet ,8,126,375 8 9 

£8,751,911 12 5 £8,751,911 12 5 



Balance-sheet as on the 31st day of December, 1892. 



£ 8. 

Life assurance fund 8,091,375 8 

Investment reserve fund 35,000 



Amount of funds as per revenue 

account £8,126,375 8 

Claims admitted, but not paid 108,298 14 

Surrender values unclaimed 4,545 7 

Annuities due, but not paid 1,044 17 

Commission on outstanding premi- 
ums... 1,264 10 

Expenses outstanding v 3, 164 4 

Reassurance premiums unpaid 1,227 5 



s. d. 

18 
6 8 

15 6 

10 8 

19 3 



481,566 3 8 



d. £ 

9 Mortgages on property within the 

United Kingdom 2,848,662 

— Mortgages out of the United King- 
dom 2,028,304 

9 Loans on the institution's policies, 

4 within their surrender value 483,545 

Investments : — 
11 Colonial government securities . 144,006 

Railway and other debentures. . 540,968 
7 Debenture(£131,6163s. 10& ), and 

1 preference and other (£349,949 

5 19s. lOd.) stocks 

The market value is consider- 
ably higher. 

Value of business premises in Ed- 
inburgh and branches, and 
property (yielding rental) held 

in connection therewith 

Value of reversions 

Loans on municipal rates, home and 

colonial 

Loans on security of trust funds 

Loans on deposit with colonial and 

other banks 

Loan* on personal security, combined 

with policies of assurance 

Premiums in course of collection at 

head office and agencies 

Outstanding interest (mostly since re- 
ceived) 

Interest accrued to 31st December, 

1892 

Office furniture at head office and 

branches 

Cash on hand and on current ac- 
count 

Stamps on hand 



232,920 
43,495 


6 
2 


7 
3 


680,383 
78,761 


8 
8 


8 
4 


396,505 


6 10 


36,203 


7 


4 


103,781 


7 


1 


17,227 


3 


9 


77,388 


8 





3,550 12 


9 



53,639 
19 



12 
10 



£8,245,920 8 1 



£8,245,920 8 1 



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* LITE JNSURANOE COMPANIB8. 309 

THE STANDARD LIFE ASSURANCE COMPANY. 



Statement for the Yeae ending 15th November, 1892. 

Manager — Spencer C. Thompson. | Secretary — N. B. Gunn. 

Principal Office — Edinburgh. 

Agent in Canada — W. M. Ramsay. | Head Office in Canada— Montreal. 

(Established, 1825. Incorporated, 6th Jane, 1832. Commenced business in 

Canada, 1847.) 



capital. 



Amount of capital authorized and subscribed for, £500,000 sterling.... $2,433,333 3! 
Amount paid up in cash, £120,000 sterling 584,000 0< 



ASSETS IN CANADA. 

Value of real estate in Canada held by the company . $ 355,000 00 

Amount secured by way of loans on real estate in Canada, by bond or 

mortgage, first liens 2,084,195 88 

Amount of loans made to Canadian policy-holders on the company's 

polities assigned as collaterals # 226,636 98 

Bonos in deposit with the Receiver-General : — 

Montreal City bonds $ 66,000 00 

do Harbour bonds ... 106,500 00 

County of Compton bonds 34,866 67 

Town of Owen Sound bonds , 15,000 00 

do Listowel do 20,000 00 

City of Hamilton do 98,244 49 

do Toronto do 154,572 00 

do Stratford do 60,000 00 

Town of ColKngwood do 70,000 00 

do Walkerton do 14,800 00 

Township of Elderslie do 10.000 00 

Town of Trenton do 79,767 34 

do Orangeville do 11,300 00 

County of Prince Edward bonds 18,000 00 

Town of Windsor do 22,679 80 

Township of Amabel do 12,000 00 

Town of Peterboro' do 3,000 00 

Township of Artemesia do 3,500 00 

do Kenyon do 4,000 00 

Town of Brampton do 2,468 71 

County of Oxford do 1,000 00 

Village of New Edinburgh do 9,000 00 

City of Gnelph do 10,000 00 

do Belleville do 6,000 00 

Township of Ellice do 3,590 60 

City of Halifax do 16,000 00 

Town of Lachute do 6,700 00 

do Moncton do 10,000 00 

City of St. John do 14,300 00 

Town of New Glasgow do 25,00000 

do OakviUe do 10,000 00 

do Bundas do 3,500 00 

do Parkdale do 120,370 78 

do Seaforth do 8,000 00 

do Cobourg do 1,000 00 

City of Charlottetown do 10,000 00 

Town of Gait do 12,000 00 

do Smith's Falls do 20,100 00 

do Tilbury East do 37,149 00 

do Woodstock do 32,000 00 



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310 DBPARTMINT OP FINANCE — IN8URANOE BRANCH. 

STANDARD LIFE— Continued. 

Bonds in deposit with the Receiver-General : — 

Par value. 

City of London bonds $ 1,000 00 

Town of Mount Forest do 7,750 00 

City of Ottawa do 72,253 38 

County of Wentworth do 8,000 00 

do Wellington do 1,000 00 

Town of Whitby do 6,400 00 

Village of Yorkville do 3,500 00 

Town of Ingersoll do 3,000 00 

do Harrifrton do 2,400 00 

County of Bruce do \ 3,000 00 

Village of Norwich do 3,000 00 

Township of North Crosby do 1,500 00 

County of Middlesex do 2,000 00 

do Lincoln do 11,000 00 

Township of Thorah do 16,000 00 

Town of Cornwall do 19,386 00 

Village of Oil Springs do 10,020 00 

Town of Barrie do 14,000 00 

do Almonte do 19,000 00 

do Milton do 15,160 00 

do Sarnia do 12,320 00 

Townshipof Sombra do 10,780 00 

Town of Bowmanville do 42,510 00 

Co. of Leeds and Grenville do 25,000 00 

Village of East Toronto do 7,000 00 

do Lakefield do 10,030 00 

City of Victoria, B.C. do 10,000 00 

Town of Wingham do 20,000 00 

do Brockville do 8,500 00 

Village of Cote St. Louis do 120,000 00 

do Penetanguishene do 5,000 00 

Town of Amherstburgh do 17,141 94 a 

do Napanee do 10,856 00 

Township of ColchesterSouth do 16,933 80 

Village of West Toronto Junction bonds 70,134 72 

do Kingsville do 8,466 90 

Town of Dresden do 24,245 72 

do Newmarket do 8,877 32 

Village of Midland do 4,523 24 

Town of Picton do 28,053 69 

Village of Glencoe do 7,827 58 

do Forest do 4,967 23 

do Morrisburg do 17,735 64 

Province of Quebec do 9,000 00 

Town of St. Henri do 100,000 00 

Village of St. Louis de Mile End do 75,000 00 

$2 ,046,652 50 

Carried out at par value $2,046,652 50 

*Municipaldebeutures in the hands of the company, viz 2,595,507 66 

City of— 

Montreal $ 50,000 %0 

Stratford.. 58,000 00 

Belleville 27,000 00 

Guelph 14,800 00 

Halifax 69,000 00 ' 

London 300 00 

Toronto 6,548 25 

St. Thomas 14,936 86 

Victoria 10,000 00 

Ottawa 26,270 43 

St. Hyacinthe 7,000 00 

Moncton 24,500 00 

Brandon 42,000 00 

Hamilton 200 00 



$ 340,564 54 



*In addition to these there are $66,613.81 Canadian municipal debentures held at the head office, 
Edinburgh, for safe keeping, and $25,000 Province of Quebec bonds held by the Government in Newfound- 
land. 



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LIFE INSURANCE COMPANIES. 311 

STANDAED LIFE— Continued. 

Bonds in deposit with the Receiver-General : — 

Par value. 
County of— 

Hastings $ 18, 000 00 

Oxford 1,000 00 

Lincoln 1,000 00 

Kent 4,709 89 

York 9,184 35 

Middlesex 5,500 00 

Lennox and Addington 18,400 00 

Compton 973 33 



* 68,767 67 

Town of— 

Owen Sound $ 106,343 64 

Sarnia. 71,017 52 

Trenton 10,000 00 

Mount Forest 34,000 00 

Picton 12,520 03 

Windsor. 77,279 27 

Cornwall 6,574 61 

Peterborough 3,446 67 

Brampton 61,57188 

Perth 19,80000 

Strathroy 2,296 08 

Collingwood 42,589 45 

Bowmanville 7,440 00 

Orillia 41,340 00 

Aylmer. - 27,021 47 

Oshawa 6,650 00 

Durham 9,356 80 

Seaforth 7,000 00 

Almonte. 500 00 

Listowel 20,000 00 

Dresden 1,070 60 

St. Mary's 23,564 27 

Berlin 8,348 00 

Whitby 36,209 36 

New Market 24 765 57 

Thorold 5,123 45 

Beauharnois 30,000 00 

Chatham 70,994 30 

Niagara Falls. 77,238 12 

Mitchell. 3,320 00 

Lindsay 5,300 00 

Brockville 6,000 00 

Smith's Falls 29,866 81 

Richmond * 8,118 06. 

Barrie 18,631 33 

Aldborough 7,200 00 

Pembroke.. 18, 473 00 

Uxbridge. 6,000 00 

Lethbridge (school bonds) 9,500 00 

Brantford 7,786 66 

Wingham 8,000 00 

Sorel 6,000 00 

OakviUe 5,000 00 

Niagara 29,025 37 

Leamington 14,537 00 

PortElgin 7,407 00 

Amherstburg 29,593 61 

Gravenhurst 5,588 25 

Napanee 13,184 99 

Walkerton 14,112 72 

Goderich 9,460 00 

Meaford • 920 45 

Lachute 4,000 00 

St. Henry 50,000 00 

Terrebonne 12,000 00 

Waterloo 5,500 00 

St. Jerome . . . , 800 00 

Clinton 4,000 00 

Wiarton 12,000 00 

Mattawa 4,000 00 



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312 DEPARTMENT OF FINANCE — IN8URAN0B BRANCH. 

STANDARD LIFE— Continued. 

Bonds in deposit with the Receiver-General : — 

Par value. 
Town of— 

Sandwich $ 14,774 06 

Simooe 2,27100 

Walkerville 32,69117 

Blenheim 12,576 81 

Lachine 20,000 00 

Cote St. Antoine 200,000 00 

Parry Sound 28,300 00 

Tilsonburg 8,878 29 

Essex 33,147 13 



$1,538,024 79 



Village of— 

Wellington * 875 00 

Chesley 5,404 00 

Alliston 7,54t> 00 

Oil Springs ." 630 00 

Yorkville ' 2,000 00 

Beaverton 2,000 00 

Kemptville 7,575 00 

Beamsville 2,076 00 

Midland 8,005 35 

Carleton Place 3,700 00 

Weston 2,400 67 

Wallaceburgh 8,038 69 

Paisley 4,402 00 

Danville ■ * 4,405 00 

Madoc 7,08274 

Morrisburg 6,783 22 

PortDover 11,393 42 

Forest 342 65 

Glencoe 2,597 42 

Lennoxville 9,000 00 

Ailsa Craig 1,186 30 

Kingsville 16,30194 

Tilbury Centre 2,947 90 

Waterford 9,026 00 

Preston 9,543 40 

Lucknow ... . 10,000 00 

Campbellford 16,199 62 

Megantic < 2,868 84 

West London 5,000 00 

Winchester 10,422 86 

Bobcaygeon 3,000 00 

Park hill 3, 200 00 

Arthur 869 03 

Valleyfield 1,000 00 

St. Gregoire de Thaumaturge 10,258 77 

Dorion 3,117 62 

Bradford 1,800 00 

St. Therese de Blainville 7,000 00 



$ 209,993 44 



Township of— 

Colchester, North 8 18,743 20 

Farnham, West 10,000 00 

Colchester, South 22,582 68 

Roxton 16,500 00 

Dover 19,993 81 

Eastnor Lindsay, &c 6,000 00 

Mersea 5,694 52 

ftaleigh 8,036 13 

Kenyon 10,000 00 

Nepean 1,040 00 

Proton 2,420 42 

South Plantaganet 1,968 00 

North East Hope 1,120 45 

Kllice 4,117 82 

Logan.... 995 49 

Harwich 3,367 96 



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LIFE INSURANCE COMPANIES. 313 

STANDARD LIFE— Continued. 
Bonds in deposit with the Receiver-General : — 

Township of— Par value. 

Gosfield $ 1,122 00 

McDougall 1,24000 

Maidstone 3,648 00 

Garafraxa 2,623 19 

York 450 00 

Strong 1,002*17 

Finch 1, 121 51 

Tilbury West 9,749 61 

Winchester : 5,299 56 

Camden 29100 

Grimsby 2,272 47 

Chatham and North Gore 16,633 65 

Tilbury East 7,583 50 

Saugeen 880 00 

- Mariposa • 600 00 

Enniskillen 2,350 00 

Westminster 1,18* 26 

East Luther 3,882 35 

Oxford 4,524 00 

Dundee . v 26,805 80 

Pelee 2,248 00 

Ameliasburgh 15,000 00 

Ascot 20,000 00 

Oakland '. 7,800 00 

Marmora Lake 3,348 09 

Brock 2,331 98 

Hawkesbury 4,831 32 

Belmont and Metheim 2,428 23 

Amabel ' 2,220 69 

EastFarnham 13,568 21 

Innisfil 1,687 42 

Somerville 2,000 00 

Laxton, Digby and Longford 5,000 00 

WestLuther 1,722 30 

Chatham 1,005 36 

Madoc ^ 25,00000 

Artemesia 1,000 00 

Delaware v ; 936 87 

Gosfield, North 1,702 00 

Heimsworth 1,693 30 

Potton 15,000 00 

Plantaganet 300 00 

Neebing 10 000 00, 

% 366,667 32 

Miscellaneous — 

Montreal Harbour $ 53,000 00 / 

Province of Quebec 3,500 00 

The Central Loan and Savings Co., of Ontario 25,000 00 

$ 81,500 00 

Synopsis— 

City $ 340,554 54 

County ' 58,767 57 

Town 1,538,024 79 

Village 209,993 44 

Township 366,667 32 

Miscellaneous 81,500 00 



$2,595,507 66 



Cash at head office $ 3,851 15 

Cash in banks, viz. : — 

Bank of Montreal * 55,619 24 

Molsons Bank 1,685 03 



57,304 27 



Gross premiums due and uncollected on Canadian policies in force $ 119,161 15 

DeductTSbst of collection, at 10 per cent 11,916 11 

Net amount of outstanding premiums 107,245 04 

Total assets in Canada $7,476,393 48 

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314 DEPARTMENT OV FINANOS — INSURANCE BRANCH. 

STANDARD LIFE— Continued. 

LIABILITIES IN CANADA. 

Under policies issued previous to 31st March, 1878. 

f Amount estimated to cover the net reserve on all outstanding policies 

in Canada $1,165,988 00 

Amount of claims on policies in Canada adjusted but not due 27,538 46 

Total net liabilities to said policy-holders in Canada $1,193,526 46 

Under policies issued subsequent to Slst March, 1878. 

fAmount estimated to cover the net reserve on all outstanding policies in 

Canada $2,023,086 00 

Deduct same on policies reinsured in other licensed companies in Canada.. . . 24,339 00 

Difference carried out 1,998,747 00 

Claims for death losses, adjusted but not due 2,674 00 

Total net liabilities to said policy-holders in Canada $2,001,421 00 

Total net liabilities to all policy-holder* in Canada $3,194,947 46 

INCOME IN CANADA. 

Cash received for premiums $480,856 43 

Deduct premiums paid for reinsurance 5,873 52 

Net premium income $ 474,982 91 

Interest or dividends on mortgage bonds and loans 317,024 24 

Net cash for rents 11,255 22 

Allother income ..., 231 18 



Total income in Canada . $ 803,493 55 

EXPENDITURE IN CANADA. 

Amount paid during the year on claims in Canada, viz. : — 

On account of death claims ($9,824.40 of which accrued in 1891) $ 185,337 36 

On account of matured endowments 3,516 67 

Net amount paid on account of claims. $ 188,854 03 

Amount paid to annuitants 3,553 57 

Amount paid for surrendered policies ... 11,941 28 

Cash dividends paid to Canadian policy-holders 8,008 46 

Cash dividends applied in payment of premiums in Canada 170 40 

Total net amount paid to policy-holders in Canada $ 212,527 74 

Cash paid for commissions, salaries and other expenses of officials in 

Canada 63,133 42 

Taxes, licenses, fees or fines 9,042 64 

All other expenditure in Canada, viz. : — 

Medical fees, $3,291.70; law expenses, $904.53; travelling ex- 
penses, $8,279.24 ; advertising, $2,367.33 ; printing, $1,492.22; 
postage, telegrams, &c, $1,936.88; exchange, $1,484.26; 
lighting, $1,634; furniture and repairs, $1,764.42; sundries, 
$1,899.49 25,054 07 

Total expenditure in Canada $ 309,*757 87 



tRegistrar General's English Table No. 1 (males) 3J per cent, and bonuses at 4 per cent. Exact vain 
ation as at 15th November, 1890. Estimate for 1892. 



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LIFE INSURANCE COMPANIES. 315 

STANDARD LIFE— Continued. 

MISCELLANEOUS. 

Number of new policies reported daring the year as taken in 

Canada. 590 

Amount of Raid policies $1,506,516 67 

Number of policies become claims in Canada during the year... 74 

Amount of said claims ; 207,844 42 

Number of policies in force in Canada at date 6,053 

Amount of said policies $ 12,784,915 54 

Bonus additions thereon 1,040,764 89 

813,825,680 43 
Amount of said policies reinsured in other licensed companies in Canada, 

including $3,483 bonus additions 146,000 00 

Net amount of policies in force in Canada at 14th November, 1892.... 13,679,680 43 



Number and amount of policies terminated- during the year in Canada : — 

No. Amount. 

1. By death (including $40,049.83 bonus additions) 71 $ 204,327 75 

2. By maturity 3 3,516 67 

3. By expiry 3 28,716 67 

4. By surrender (including $27,405.59 bonus additions) 57 147,095 2p 

(For which cash value has been paid, $19,657.74.) 

5. By surrender, $72,380. 

(For which paid-up policies have been granted to 
amount of $36,843.) 
Difference of amounts carried out (including bonus addi- 
tions, $7,410.66) 42,947 66 

6. By lapse (including $5,630.72 bonus additions) 230 421,417 38 

Total (including bonus additions, $80,496.80) 364 $ 848,021 39 



No. Amount. 
Policies in force at the beginning of the year (including 

$1,119,576.80 bonus additions) 5,734 $12,945,917 27 

Bonuses added during the year 3,560 15 

Policies issued during the year 817 1,935,599 66 

Policies terminated as above and by change to paid-up policies 

(including bonus additions, $80,496.80) 388 . 848,021 39 

Bonuses applied to premiums .' 1,875 26 

Policies not taken 110 209,500 00 

Policies in force at date of statement (including $1,040,764.89 

bonus additions) 6,053 13,825,680 43 

Detail of policies issued since 31st March, 1878, and bonus additions thereon. 

No. Amount. 
Policies in force at beginning of year in Canada (including 

$499,684.82 bonus additions).... 4,333 $10,182,546 54 

Bonuses added during the year v 1,504 00 

Policies issued during the year 810 1,916,575- 67 

Policies terminated as above and by change to paid-up policies 

(including bonus additions, $31,974.72).. 323 627,141 33 



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316 



DEPARTMENT OF ^FINANCE — INSURANCE BRANCH. 

STANDARD LIFE— Continued. 



No. AiL'ounb. 

Bonuses applied to premiums 720 00 

Policies not taken 110 219,500 00 

Policies in force at date of statement (including $468,494.10 bon- 
us additions) : 4,710 11,253,984 88 



Subscribed and sworn to, 8th March, 189i, by 



(Received, 9th March. 1893.) 



W. M. RAMSAY, 

Manager for Canada. 



General Business Statement for the Year ending 15th November, 1892. 
(Abstracted from Report of annual general meeting held at Edinburgh, llth April, 1893.) 

Amount proposed for assurance during the year (3,918 proposals) £2,295,525. 
Amount of assurances accepted during the year (for which 3,455 policies were is- 
sued), £1,766,842. Annual premiums on new policies during the year, £68,156. 
Claims by doath under policies during the year, inclusive of bonus additions, 
£694,056. Claims under endowments matured during the year £11,885. Subsisting 
assurances at 15th November, 1892, £2^,438,181. Amount of assurances accepted 
during the last five years, £7,907,018. Accumulated funds, £7,741,654. Annual 
revenue, £1,022,610. 

These figures testify to the fact that the company continues to make satisfac- 
tory progress. Last year, the board had the pleasure to announce that the new 
sums assured were larger than for any previous year of the company's history, and 
now the 6ums assured and the number of policies issued for the year are again both 
considerably greater than ever before. 

The ratio of expenses and commission to premium income has decreased for the 
year by -^ per cent. 

The total funds have increased during the year by £52,000, and the average 
rate of interest earned upon them is £4 2s. 3d. per cent. 

The death roll for the year is a long one, owing mainly to the continued pre- 
valence of influenza in the early pare of 1892, and the aggregate sum of the claims 
paid is the heaviest on the company's records, exceeding, with bonus additions, 
£700,000. The mortality experience of the company, both at home and abroad, 
continues, however, to keep well within the tables of expectation on which the cal- 
culations are based. 

The list of claims includes, as was mentioned, endowment assurances paid to 
the amount of £11,000, an item which will go on getting larger year by year, as 
the policies under this system of assurances, now so popular, arrive at maturity 
through the life assured attaining the age at which, by agreement, the policy be- 
comes payable. 

Revenue Account for the Year from 15th Nov., 1891, to 15th Nov., 1892. 



Dr. 

£ s. d. 
Amount of funds at the beginning 

of the year, 15th November, 1891. 7,508,696 18 7 
Premiums (after deduction of re- 
assurance premiums) 712,458 9 7 

Consideration for annuities granted 41,439 18 5 

Interest and dividends 310,151 19 2 

Fines and fees 978 19 11 



Claims under life policies, including 
bonus additions (after deduction 
of sums reassured) 

Surrenders 

Annuities 

Commission 

Expenses of management 

Dividend and bonus to shareholders 

Income tax 

Exchange account 

Amount of funds at the end of the 
vear, 15th November, 1892, as per 
balance sheet 



Cr. 



705,941 16 6 

49,680 1 7 

63,806 2 8 

34,934 16 3 

90,135 4 5 

25,000 

5,844 5 4 

18,004 15 3 



7,580,379 3 8 



£8,573,726 5 8 



£8,573,726 5 8 



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\ 

LIFE IN8U&ANCE COMPANIES. 317 

STANDABD LIFE— Concluded. 
Balance Sheet on the 15th November, 1892. 

£ s. d. £ g. d. 

Shareholders' capital paid up 120,000 Mortgages on property within the 

Assurance and annuity fund. 7,370,600 11 United Kingdom 3,219,909 14 3 

Reserve fund 80,000 Mortgages on property out of the 

Balance carried forward 9,779 2 9 United Kingdom 1,699,864 7 3 

Loans on the company's policies, 

Total funds, as per revenue account. £7, 580,379 3 8 within their surrender value 878,618 12 2 

Claims under policies admitted but Investments — 

not paid • 146,325 6 3 British government securities . . . 26,032 17 1 

Dividends to proprietors (due at and Indian and Colonial government rf ■ r * 

prior to 15th November) outstand- securities 299,084 17 1.0 

mg * 11,797 1 Foreign government securities. . . 37,513 14 . 6 

Annuities outstanding * 1,945 17 7 Indian and Colonial municipal 

Staff deposit fund 1,206 15 and other bonds 536,955 17 7 

Railway and other debentures •'!* 

and debenture stock 151,784 4 F3 

Bank deposits for fixed periods. . 157,199 2 11 
House property — 

Freehold £366,790 5 6 

Leasehold 26,523 6 7 

393 313 j2 1 

Stocks of Scottish chartered banks 12^641 2 7 

Company's shares 300 

Ground rents and feu-duties. 96,085 18^.3 

Life rents and reversions pur- 
chased 118,319 7 9 

Loans upon personal security with 
policies of assurance, repayable 
by instalments. 97,526 

Agents' balances in course of collec- 
tion 178,09111 4 

Premiums outstanding in course of 
collection 104,188 14 3_ 

Interest accrued, but not due 71,125 17 2 

do due, but not paid 22,458 5 2 

Cash- 
On deposit £92,495 4 9 

On current accounts 

and in hand 48,045 3 8 

140,540 8 5 

Deed and receipt stamps in hand. . 99 19 6 

£7,741,654 3 6 £7,741,654 3 6 

* Notjl — These items are included in the corresponding items in the revenue account 



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318 DEPARTMENT OF PINANOB — INSURANCE BRANOH. 

STAB LIFE ASSURANCE SOCIETY. 



Statement for the Year ending 31st December, 1892. 
Chairman -Wm. Mewburn, J.P., D.L. | Secretary — H. G-. Hobson. 

Principal Office — 32 Moorgate Street, London, England. 
Agent in Canada — A. D. Perry. | Head Office in Canada — Toronto. 

(Established, 1843. Commenced business in Canada, 6th November, 1868.) 



CAPITAL. 



Amount of capital authorized and subscribed for, £100,000 stg $ 486,666 67 

Amount paid up in cash, £5,000 stg 24,333 33 



AS8ET8 IN CANADA. 

Canada 4 per cent stock in deposit with Becoiver-Goneral $ 146.000 00 

Mortgages on real estate in Canada , 1,362J108 10 

Amount of loans as above on which interest has not been paid within 

one year previous to statement, $69,170.00. 
Cash in Bank of Toronto '. 76,895 40 

Interest due $ 21.002 61 

Interest accrued 22,202 40 

Total carried out 43,205 01 

Total assets in Canada $1,628,208 51 

LIABILITIES IN CANADA. 

Total amount of claims on policies in Canada unsettled Nil. 

*Net reserve on all outstanding risks in Canada $ 145,670 39 

Total liabilities in Canada $ 145,670 39 

INCOME IN CANADA. 

Amount of premiums received in cash during the year on life policies 

in Canada $ 16,277 84 

EXPENDITURE IN CANADA. 

Amount paid during the year on claims in Canada, viz. : — 

On account of death claims (including bonus additions, $2,177.58). . . r . . $ 12,881 24 

Net amount paid on account of death claims $ 12,884 24 

Amount paia during the year for surrendered policies 1,209 22 

Amount paid to annuitants 123 40 

Total net amount paid to policy-holders in Canada $ 14,216 86 

*Based on the Institute of Actuaries' H. M. Table 4£ p. c. interest, computed by the Department 



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LIFE INSURANCE COMPANIES. 319 

STAR LIFE— Continued. 

Cash paid for commissions, salaries and other expenses of officials $ 1,500 00 

Gash paid for liceuses, taxes, fees or fines 118 78 

Miscellaneous payments, viz. : — 

Medical fees, $102.20; advertising, $85.30; stationery, $60.30; 

postage, $112.94; fire premiums, $222.53; legal expenses, $30; 

duty and express, $7 620 27 

Total expenditure in Canada * $ 16,455 91 

MISCELLANEOUS. 

Number of new policies reported during the year as taken in 

Canada 7 

Amount of said policies $ 32,996 00 

Number of policies become claims in Canada during the year 4 

Amount of said claims (including bonus additions $2,177.58; 12,884 24 

Number of policies in force in Canada at date 254 

Aihount of said policies $ 620,222 39 

Bonus additions thereon 60,760 71 



Total amount in force at 31st December, 1892 670,983 10 

\ ' === 

Number and amount of policies terminated during the year in Canada : — 

No. Amount. 

1. By death (including bonus additions, $2,177.58) 4 $ 12,884 24 

2. By surrender, for which cash value has been paid, 

$1,209.22 (including bonus additions, $636.31) 4 9,298 98 

3. By lapse (including bonus additions $1,032.47) 7 16,605 81 

Total (including bonus additions, $3,846.36).. ..... 15 $ 38,789 03 



Policies in force at beginning of year (including bonus additions, 

$54,607.07) 262 $ 676,776 13 

Policies issued during the year 7 32,996 00 

Policies terminated as above 15 38,789 03 

Policien in force at date of statement (including bonus additions, 

$50,760.71) 254 670,983 10 



Number of insured lives at the beginning of the year in Canada 262 

Number of new insurers during the year 7 

Number of deaths during the year among the insured 4 

Number of insured whose policies have been terminated during 

the year otherwise than by death 11 

Number of insured lives at date of statement 254 



Subscribed and sworn to, 1st March, 1893, by 

A. D. PEREY, 

Chief Agent. 

(Received, 10th March, 1893.) 



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320 



DEPARTMENT OF FINANCE — INSURANCE BRANCH. 



STAR LIFE- Continued. 

General BupfftESS Statement fob the Tear ending 31st December, 1892. 

(Abstracted from the Directors' Report, London, Eng., March 8th, 1893.) 

NEW BUSINESS IN 1892. 

Daring the year 4,824 proposals for assurance, amounting to £1,673,990, were 
submitted to the board; of these 471 were either declined or not carried out at the 
close of the year; and 4,353 policies were issued for the assurance of £1,382,982 
168. 0d., the annual premiums on which amount to £46,154 15s. lid. 

The sum of £9,523 4s. Od. has been received for the purchase of 15 immediate 
annuities, amounting to £885 19s. 6d. 

The total amount of assurances now in force is £12,599,824. 

mortality. 

The claims which have arisen during the year in respect of 603* policies have 
amounted to £215,570 3s. 5d., including bonus additions of £29,955 Is. Od. The 
number of lives assured who have died is considerably within the average expected 
and provided for in the society's tables. 

The total sum paid in claims (including bonus additions) since the establish- 
ment of the Society now amounts to £3,888,293 7s. 9d. 



ANNUAL INCOME AND INVESTMENTS. 

The income of the Society during the past year has amounted to £515,596 
4s. 5d. f derived from the following sources : — 

£ 8. d. 

Premiums on policies 379,679 6 2 

Purchase of annuities 9,523 4 

Interest on invested funds 123,141 5 

Fees and fines 262 9 3 



£515,596 4 5 



After the payment of all expenses and claims the balance of income over expen- 
diture amounts to £195,432 0s. 9d., and this sum has been added to the assurance 
and annuity fund, which now stands at £3,316,686 16s. Id. ^ 

The average rate of interest realized on the investments of the society during 
the year has been £4 0s. lOd. per cent., after allowing for income tax. 

Revenue Account for the Year ending 31st December, 1892. 



Amount of funds at the beginning 
of the year £3,126,254 

Premiums £390,058 9 10 

Less reassurance pre- 
miums 10,379 3 8 



15 



CI ai m8 under policies. £209, 187 1 
4 Less reassurances . . . 818 6 



Consideration for annuities granted. 

Interest and dividends 

Fees .. 

Fines 



379,679 6 

9,523 4 

126,141 5 

205 11 

46 18 



Endowments 

2 matured 



Surrenders 

2 do bonus. 

1 Annuities 

Commission 

Expenses of manage- 



£206>$68 15 5 
7,201 8 



215,570 3 5 

15,969 6 11 

1,177 4 

11,625 11 10 

42,126 12 



ment £ 19,658 6 

Medical fees 4,519 2 



Income tax 

Dividends to shareholders 

Bonus abatement of premiums 

Amount of funds at end of the year 
as per balance sheet 



24,177 9 
4,021 17 
250 



£3,641,850 19 9 



5,245 18 9 
3,321,686 16 1 
£3,641,850 19 9 



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LIFE INSURANCE COMPANIES. 321 

STAR LIFE— Concluded. 
Balance Sheet for the year ending 31st December, 1892. 

Shareholders' capi- Mortgages on property within the 

tal paid up £ 5,000 United Kingdom £ 373,364 17 8 

Assurance and an- Mortgages on property out of the 

nuitv fund. . . . . 3,316,686 16 1 United Kingdom 379,084 15 6 

Total funds as per 1 £ « 301 aoa \a 1 Loans on the society's policies (with- 

revenue account. J ' ' in their surrender value) 204,233 4 4 

Claims admitted and announced, Investments — 

but not paid 37,808 10 6 British Government securities. 18,744 14 4 

Indian and Colonial Govern- 
ment securities 615,862 8 11 

Railway guaranteed stock 31,522 10 1 

Railway debenture stock 24,301 111 

Railway preference and pre- 
ferred stock 1,056,615 7 1 

Freehold and leasehold pre- 
mises 39,356 6 7 

Leans to trustees of Wesleyan 

Methodist chapels 96,561 11 2 

Mortgage of other Methodist 

chapels 13,660 

Mortgage of Congregational 

chapels 32,957 19 7 

Mortgage of Baptist chapels... 48,947 10 
Local boards, secured on parlia- 
mentary rates 127,680 15 2 

Ground rents 76,143 15 6 

Agents' balances (premiums in 

course of collection) 99,749 10 8 

Outstanding premiums (head office) 8,653 11 6 

Half credit premiums 31,541 14 5 

Outstanding interest 5,636 11 5 

Accrued interest (to 31st December, 

1892) 43,567 18 8 

Bankers' balances. . 

On special deposit account. . , . . 18,500 

On deposit account 10,000 

On current account 2,809 2 1 

£3,359,495 6 7 .€3,359,495 6 7 



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322 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE SUN LIFE ASSURANCE COMPANY OF CANADA. 



Statement for the year ending 31st December, 1892. 
President and Agent — I Secretary — T. B. Macaulat. 

KOBERTSON MACAULAY. | 

Head Office — Montreal. 

(Incorporated, 1865. Amended in 1870, 1871 and 1882. Commenced 
business in Canada, May, 1871.) 



CAPITAL. 



Amount of joint stock capital authorized $1,000,000 00 

Amount subscribed for 500,000 00 

Amount paid up in cash 62,500 00 



( For List of Stockholders, see Appendix.) 



ASSET8 AS PER LEDGER ACCOUNTS. 

Value of real estate (.no encumbrances) held by the company $ 260,329 95 

Amount secured by way of loans on real estate by bond or mortgage, 

first liens 2,023,919 52 

Amount of loans, secured by bonds, stocks or other marketable col- 
laterals 64,000 00 

Vte.:— 

Par value. Market Amount 

Montreal Harbour $ 2,000 $ 2,280^ 

do Roman Catholic School Commissioners . 2,000 2,400 

do Protestant School Commissioner* 2,000 2,000 | 

Canada Central R. R., £1,200 5,840 6,716 [•oo ftnn 

City of New Westminster 34,000 86,414 ("* M » uuu 

Town of Sarnia 1,000 1,090 

City of Brantford. 8,233 7,949 

City of Three Rivers 6,000 6,000 J 

Hamilton Provident and Loan Society 1,200 1,560 1,000 

$ 62,273 $ 66,409 % 64,000 



Amount of loans, as above, on which interest has not been paid within 
one year previous to statement $ 32,390 89 

Amount of loans made in cash to policy-holders on the company's 

policies assigned as collaterals 174,504 39 

Premium obligations on policies in force 1,154 26 



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LIFE INSURANCE COMPANIES. 323 

SUN LIFE— Continued. 
* Stocks, bonds and debentures owned by the Company, viz. : — 

Par value. Market value. 

Montreal Loan and Mortgage Company's stock 

Montreal Turnpike Trust debentures 

City of Vancouver do 

Town of Richmond school do 

City of New Westminster do 

Village of Wyoming do 

Township of Aldborough do 

Township of North Stukely do 

Tow n of St. Jerdine do 

Town of Valley field waterworks bonds 17,244 78 

Town of Smith's Falls debentures 

Town of Iberville do 

Parish of St. Jean Chrysostdme debentures 

Parish of St. Jean Baptiste school do 



Town of Lachute do do 

Village of Rigaud do 

Citv of Brandon do 

Village of Merritton do 

Village of Portage du Fort do 

Village of Berthier do 

Village of Granby school do 

Village of Danville school do 

Town of Sault Ste. Marie do 

City of St. Catharines do \. . . 

Town of Toronto Junction do 

Town of Moose Jaw do 

Town of Maisonneuve do 

Township of Sandwich do 

Township of West Tilbury do 



15,675 00 $ 


21,553 12 


2,300 00 


2,800 00 


30,000 00 


37,125 00 


7,046 01 


7,749 51 


200,500 00. 


214, H00 00 


2,000 00 


2,150 00 


850 00 


867 00 


6,000 00 


6,S96 00 


15,200 00 


26,552 80 


17,244 78 


19,227 91 


1,000 00 


1,020 00 


6,000 00 


6,000 00 


4,936 88 


5,084 98 


10,000 00 


: 0,300 00 


, 9,859 38 


10,352 34 


2,000 00 


2,140 00 


38,000 00 


39,395 00 


9,890 08 


10,048 32 


4,050 00 


4,090 50 


16,368 74 


16,859 80 


7,795 65 


8,107 47 


3,760 00 


3,797 60 


70,208 47 


70,208 47 


5,400 00 


5,400 00 


50,486 31 


44,049 30 


7,000 00 


7,000 00 


9,400 00 


9,400 00 


276 00 


276 00 


482 20 


482 20 



Total par and market values $ 554,228 50 8 583,233 32 

Carried out at market value $ 583,233 32 

Cash on band (chiefly amounts received and deposited 3rd January)... 5,272 06 
Cash in banks, viz. : — 

Molsons Bank, Montreal $ 1,558 13 

Bank of Scotland, London, Eng 3,680 28 

International Bank, Valparaiso 4,684 42 

Total carried out 9,922 83 

Total $3,122,336 33 

OTHER AS8ETS. 

Interest due $ 10,345 34 

do accrued 48,034 06 



Total 58,379 40 

RenUdue $ 1,064 50 

do accrued 811 89 



Total 1,876 39 

Gross premiums due and uncollected on policies in force $ 169,379 74 

Grose deferred premiums 74,514 25 



Total outstanding and deferred premiums $ 243,893 99 

Deduct cost of collection, at 10 per cent 24,389 39 

Net outstanding and deferred premiums 219,504 60 

Office furniture •. 1,540 00 

Petty cash and sundries 64 16 

Total assets $3,40.1,700 88 



* $63,890.08 of which is deposited with the Heceiver-General. 
4-21J 



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324 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

SUN LIFE— Continued. 

LIABILITIES. 

•Amount computed to cover the net reserve on all outstanding policies in 

force (including annuity reserves, $14,800.50) 8 2,991,663 43 

Deduct net value of policies reinsured in other companies 3,243 15 

Net reinsurance reserve $2,988,320 28 

Claims for death losses reported but not proved ...... 8 13,775 00 

do do adjusted but not due (awaiting discharge) 12,985 00 

do do resisted in suit 1,000 00 

do matured endowments, unadjusted but not resisted 3,524 00 

Total outstanding claims './ 31,284 00 

Annuity claims due and unpaid 37 34 

Amount of surrender value of bonuses unpaid 29,412 27 

Amount of dividends to stockholders, due 3rd January, 1893 4,687 50 

Due Quebec Bank on account of investments made.. 13,500 00 

Deposit to meet maturing debentures 10,377 34 

Sundry debts 10,898 18 

Total liabilities— Life Department $3,088,516 91 

Liabilities — Accident Department /. 7,755 20 

Total liabilities (exclusive of capital stock) $3,096,272 11 

Surplus, as regards policy-holders $ 307,428 77 

Capital stock paid up 62,500 00 

Surplus over all liabilities and capital $ 244,928 77 



INCOME DURING THE YEAR. 

. (Life Department.) 

Gross cash received for premiums $ 778,874 69 

Premium obligations taken in part payment of premiums 97 60 

Premiums paid by dividends, not including reconverted additions 180,352 84 

Cash received for annuities 2,500 00 

Total $ 961,825 13 

Deduot premiums paid to other companies for reinsurance 1,405 37 

Total premium income $ 960,419 76 

Amount received for interest 143,548 47 

Amount received for rents 4,712 20 

Total income— Life Department $1,108,680 43 



* On the basis of the Institute of Actuaries' H. M. Table, with 4J per cent interest. 



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LIFE INSURANCE COMPANIES. 325 

SUN LIFE— Continued. 

EXPENDITURE DURING THE YEAR. 

(Life Department.') x 

Cash paid for death claims 8 144,834 38 

Deduct amount received from other companies for reinsured death claims. . . Nil. 

Net cash paid for death claims (including bonuses) 144,834 38 

Cash paid for matured endowments (including bonuses) 38,491 42 

Net amount paid for death claims and matured endowments $ 183,325 80 

(Of this amount $24,443.20 accrued in previous years.) 

Cash paid to annuitants 1,753 55 

Cash paid for surrendered policies and bonuses 64,123 44 

Cash dividends applied in payment of premiums 180.352 84 

Cash paid for interest or dividends to stockholders 8,437 50 

Commissions, salaries and other expenses of officials 203,628 68 

Taxes, licenses, &c 3,388 37 

All other expenditure, viz. : — 

Postage and sundries, $1,694.88; advertising, printing and station- 
ery, $13,470.15; rents, $6,420.85; heating, water and light, 
$236.49.; medical fees, $18,128.92; law costs, $458.46 40,409 75 

Total expenditure— Life Department $ 685,414 93 



PREMIUM NOTE ACCOUNT. 

Premium obligations on hand at commencement of year.. $ 1,198 86 

Premium obligations received during the year 142 00 

$ 1,340 86 

Deduct amount of obligations used in payment of dividends $ 186 60 

Total deductions 186 60 



Balance, note assets at end of year $ 1,154 26 

MISCELLANEOUS. 

Number of new policies reported during the year as taken 3,027 

Amount of said policies $6,373,649 94 

Amount of said policies reinsured in other licensed companies in Canada. 15,000 00 

Nurabor of policies become claims during the year 130 

Amount of said claims (including matured endowments) 192,541 78 

Amount of said claims reinsured in other licensed companies Nil. 

Number of policies in force at date , 14,718 

Amount of said policies $ 23,536,007 91 

Bonus additions thereon 365,038 73 

Total $23,901,046 64 

Amount of said policies reinsured in other licensed companies 26,550 00 

Net amount of policies in force at 31st December, 1892 23,874,496 64 



326 



DEPARTMENT OF FINANCE — IN8UEANCE BRANCH. 



SUN LIFE— Continued. 
Number and amount of policies terminated during the year :- 

1. By death (including bonus additions, $3,545.12) 

• 2. By maturity (including bonus additions, $5,018.20).. 

3. By expiry 

4. By surrender (including bonus additions, $154,475.80) 

(For which cash has been paid, $17,036.35) 

5. By surrender, 90 policies for $145,131.43 (including 

bonus additions, $3,384.76). 

(For which paid-up policies have been grantod to 
amount of $44,219.58). 
Difference of amounts carried out 

6. By lapse (including bonus additions, $6,877.93) 1,003 



No. 


Amount. • 


107 $ 
23 
2 

167 


151,526 36 
41,015 42 
18,400 00 

395,396 66 



100,911 85 
1,610.038 17 



Total (including bonus additions, $173,301.81) . 1,302 $ 2,317,288 46 



No. 
Policies in force at beginning of yenr (including bonus addi- 
tions, $150,124.76) 12,611 

Policies issued during the year (including $1,000 increased). 4,304 

Bonuses added during the year 

Policies revived (including bonus additions, $1,215.00) 40 

Policies terminated as above and by change to paid-up poli- 
cies (including bonus additions, $173,301.81) 1,392 

Policies terminated by reduction 

Policies not taken 845 

Gross policies in force at date of statement (including bonus 

additions, $365,038.73) 14,718 

Number of insured lives at beginning of year 11,735 

Number of new insurers during the year (including revived). 4,040 

Number of deaths during the year among insured... 101 

Number of insured whose policies have been terminated 

during the year otherwise than by death 1,954 

Number of insured lives at date of statement 13,720 



Amount. 

$19,436,961 84 

7,992,196 54 

387,000 78 

61,981 65 

2,361,508 04 

106,996 62 

1,508,589 51 

23,901,046 64 



BUSINESS DONE OUTSIDE CANADA. 
(Included in above Statement.) 

LIABILITIES OUTSIDE OF CANADA. 

Beserves on policies $ 409,914 26 

Death claims outstanding 13,857 60 

Total liabilities outside of Canada $ 423,77 1 86 

INCOME OUTSIDE OF CANADA. 

Premiums $ 197,345 66 



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LIFE INSURANCE COMPANIES. 327 

SUN LIFE— Concluded. 

EXPENDITURE OUTSIDE OF CANADA. 

Death claims paid during the year $ 31,877 61 

Profits.. 33,994 3d 

Total $ 65,871 99 

Y MISCELLANEOUS. 

Number of policies reported during the year as taken, outside 

of Canada 550 

Amount of said policies.... , $1,932,147 16 

Number of policies become claims during the year ... 19 

Amount of said claims (including $771.90 bonus additions) 32,772 21 

Number of policies in force at date 1,874 

Amount of said policies. $ 4,550,475 86 

Bonus additions thereon 69,162 66 

Total $4,628,638 52 

Amount of said policies reinsured 15,000 00 

Net amount of policies in force at 31st December, 1892 4,613,638 52 



No. Amount 

Policies in force at beginning of year (including bonus additions, 

$28,310.46) . 1,428 $2,873,022 51 

Policies issued during the year 797 2,480,575 62 

Revived (including bonus additions, $54.00) 11 23,987 32 

Bonuses added during the year. 61,706 08 



Total 2,236 $fr43ft,-291 53 



No. Amount. 

Policies terminated by death (including bonus additions, 

$771.90) 19 $ 32,772 21 

Policies cancelled by surrender (including bonus additious, 

$15,291.29) 10 35,137 95 

Policies cancelled by paid-up policies (including bonus additions, 

$1,119.76) /.... 13 21,566 43 

Policies terminated by maturity (including bonus additions, 

$1,466.00) 3 13,899 33 

Policies terminated by lapse (including bonus additions, 

$2,258.93) . 159 314,847 17 

Policies not taken 158 386,274 91 

Policies terminated by reduction 6,155 01 

Total 362 $ 810,653 01 



Policies in force at end of year (including bonus additions, 

$69,162.66) 1,874 $4,628,638 52 



Subscribed and sworn to, 28th February, 1893, by 

R. MACAULAY, 

President. 
T. B. MACAULAY, 

Secretary. 
(Received, 1st March, 1893.) 



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328 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE TEMPEKANCE AND GENERAL LIFE ASSURANCE COMPANY OF 

NORTH AMERICA. 



Statement for the Tear ending 31st December, 1892. 



President — Hon. Geo. W. Ross. | Manager — Henry Sutherland. 

Secretary — James G. Bego. 

Head Office — Toronto. 

(Incorporated, 19th April, 1884. Commenced business in Canada, 1st April, 18&6.) 



capital. 



Amount of guarantee capital authorized .* $1,000,000 00 

Amount subscribed for 100,000 00 

Amount paid up in cash 60,000 00 

(Far List of Guarantors, see Appendix.) 



assets as per ledger accounts. 

Amount secured by way of loans on real estate, by bond or mortgage, 

first liens $ 41,450 00 

Amount of loans made to policy-holders on the Company's policies 

assigned as collaterals 4,788 36 

Debentures owned by the Company, viz. : — 

Par value. Market value. 

Town of Whitby debentures * $ 14,765 54 $ 15,325 00 

do Brampton do 8,9*55 94 9,654 90 

City of St. Catharines debentures 3,000 00 3,154 50 

Welland County do 11,243 00 11,513 91 

St. Mary's do 2,158 05 2,346 16 

Port Arthur do 3,250 00 3,553 26 

Xapanee do 8,000 00 8,917 10 

Toronto do 390 00 430 95 

Township of York do 33,984 39 36,342 85 

Burk's Falls do 2,000 00 2,332 79 

Town of Lethbridge do 10,000 00 10,684 00 

do Milton do 4,956 90 5,231 89 

Fort Erie do 10,000 00 10,325 80 

Pembroke do 21,391 40 22,213 20 

$ 134,105 22 $ 142,026 31 

Carried out at market value 142,026 31 

Cash at head office 17 95 

Cash in Imperial Bank, Toronto 11,296 07 

Agents* ledger balances 3,878 81 

Bills receivable 195 70 

Total $ 203,653 20 

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LIFE INSURANCE COMPANIES. 329 

THE TEMPEfiANCE AND GENERAL LIFE— Continued. 

OTHER ASSETS. 

Interest due $ 26 25 

Interest accrued 2,914 &4 



Total carried out $ 2,940 59 

Rentsdue 75 00 

Gross premiums due and uncollected on policies in force $ 23,541 42 

Gross deferred premiums on same 9,431 53 

Total outstanding and deferred premiums $ 32,972 95 

Deduct cost of collection at 10 p. c 3,297 29 

Net outstanding and deferred premiums 29,675 66 

Office furniture and fixtures 990 00 



Gross assets $ 237,334 45 

LIABILITIES. 

* Amount computed to cover the net present value of all policies in force $ 185,976 45 

Deduct value of policies 160 94 

Net reinsurance reserve $ 185,815 51 

Claims for death losses : — \ 

Unadjusted but not resisted $ 1,000 00 

Total death claims 1,000 00 

Premiums paid in advance 897 06 

Medical fees 1,488 50 

Total liabilities $ 189,201 07 



Surplus on pol icy-holders' account $ 48,133 38 

Capital stock paid-up $ 60,000 00 

INCOME DURING THE YEAR. 

Cash received for premiums $ 109,429 18 

Deduct premiums paid to other companies for reinsurance 1,208 44 

Total premium income $ 108,220 74 

Amount received for interest 8,360 35 



Total income $_116,581 09 

EXPENDITURE DURING THE TEAR. 
Cash paid for death losses $ 33,965 70 



Net amount paid for death claims $ 33,965 70 

(Of this amount $2,000 accrued in previous years.) 

Cash paid for surrendered policies 3,926 62 

Commissions, salaries and other expenses of officials and agents 30,981 48 

Taxes, licenses, fees orfines 319 79 

Miscellaneous payments, viz. : — 

Medical fees, $4,670.07 ; advertising, $1,160.45 ; printing and station- 
ery, $1,044.92 ; postage, expressage, telegrams, &c, $1,056.33 ; 
travelling expenses of agents, $1,510.81; rents, $1,045; 
general expenses, $616.05; solicitors' charges, $210.77 11,314 40 

.Total expenses $ 80,507 99 



•Reserve based on H. M. Mortality Table, Institute of Actuaries G. B., with 4£ p. c. interest. 

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330 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE TEMPERANCE AND GENERAL LIFE— Concluded. 

MISCELLANEOUS. 

No. Amount 
Number of new policies reported during the year as taken in 

Canada 1,345 

Amount of said policies $1,563,200 00 

Amount of said policies reinsured in other licensed companies in 

Canada 2,000 00 

Number of said policies become claims during the year 18 

Amount of said claims 33,000 00 

Number of policies in force in Canada at date 3,471 

Amount of said policies $4,543,176 01 

Amount of said policies reinsured in other licensed companies in Canada 71,000 00 

Net amount in force at 31st December, 1892 4,472 ,176 01 

Number and amount of policies terminated during the year in Canada : — 

Xo. Amount. 

1. By death 18 $ 33,000 00 

2. By surrender 54 58,215 00 

(For which cash value has been pai<J< $3,926.62.) 

3. By surrender, $17,000. (For which paid-up policies have 

been issued to amount of $1,597.) 

Difference of amounts carried out 15,403 00 

4. By lapse 806 976,500 00 

5. Reduction on eight policies 9,500 00 

Total , 878 $1,092,618 00 



Xo. Amount. 

Policies in force at beginning of year 3,000 $4,068,271 01 

Revived during the year 7 4,323 00 

Policies issued during the year 1,356 1,574,700 00 

Terminated as above 878 1,092,618 00 

Policies not taken 11 11,500 00 

Policies in force at date of statement 3,474 4,543.176 01 



Number of insured lives at beginning of year 2,810 

Number of new insurers during the year 1,288 

Number of deaths during the year among the insured 18 

Number of insurers whose policies have been terminated 

during the year otherwise than by death 830 

Number of insured lives at date of statement 3,250 



Subscribed and sworn to, 31st December, 1892, by 

ROBERT McLEAN, 

Vice-President 
H. SUTHERLAND, 

Manager. 
(Received, 3rd January, 1893.) 



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LIFE INSURANCE COMPANIES. 331 

TKAVELERS' INSURANCE COMPANY. 



LIFE DEPARTMENT. 



Statement fob the Year ending 31st December, 1892. 
President — James G. Batterson. j Secretary — Rodney Dennis. 

Principal Office — Hartford, Conn., U. S. 

Agent in Canada — Wilson Irwin. | Head Office in Canada — Toronto, Ont. 

(Incorporated, 17th June, 1863. Commenced business in Canada, 1st July, 1865.) 

capital. 
Amount of capital authorized, subscribed for .and paid up in cash $1,000,000 00 



ASSETS IN CANADA. 

Bonds, stocks and debentures in deposit with Receiver-General, viz. : — 

Par value. Market value. 

Montreal Corporation school bonds $ 13,000 00 $ 15,340 00 

do Harbour bonds 35,000 00 39,700 00 

do 4 per cent loan of 1885 4,500 00 4,500 00 

St. Thomas debentures 30,000 00 34,200 00 

Paris, Ont. do 8,000 00 8,960 00 

Almonte do 13,500 00 13,500 00 

Windsor do 10,615 31 10,933 77 

Coaticook do 25,000 00 2B.500 00 

Sherbrooke do 30,000 00 32,250 00 

Parkdale do 10,000 00 12,300 00 

Canadian Pacific Railway bonds 50,000 00 54,500 00 

City of Quebec debentures 50,000 00 50,000 00 

Province of Manitoba debentures. 74,946 67 83,190 80 

City of Winnipeg do 75,000 00 80,500 00 

Port Hope, Ont. do 60,000 00 60,600 00 

Uuelph, Ont. do 73,000 00 81,030 00 

Brantford, Ont. do 55,000 00 53,900 00 

Vancouver, B.C. do 10,000 00 10,900 00 

St. Hyacinthe, Que. do 10,000 00 10,100 00 

Stratford, Ont. do 10,500 00 11,235 00 

Hull, Que. do 10,000 00 10,200 00 

Sault Ste. Marie, Ont. do 50,000 00 50,000 00 

Toronto do 50,000 00 50,000 00 

Colhngwood do 7,350 00 7,791 00 

Brandon do 25,000 00 25,500 00 

Victoria, B.C. do 12,500 00 13,500 00 



Total par and market values S^802,911_98 $ 851,13057 

Carried out at market value $ 851,130 57 

Real estate in Canada owned (improved property, Stanstead, Que.) 2,400 00 

* Amount of loans made to Canadian policy-holders on the Company's 

policies assigned as collaterals 64,425 00 

Gross premiums due and uncollected on Canadian policies in force 8 14,388 25 

Gross deferred premiums on same . . 16,109 43 

Total outstanding and deferred premiums $ 30,497 63 

Deduct cost of collection at 10 per cent 3,049 77 

t Net outstanding and deferred premiums 27,447 91 

Total assets in Canada 8 945,403 48 



*Of which $42,855 is on policies issued since 31st March, 1878. 

+Of this amount $25,31(5.17 belongs to policies issued since 31st March, 1878. 



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DEPARTMENT OF FINANCE — IN8URAN0E BRANCH. 

TftAVELEKS'— Continued. 

LIABILITIES IN" CANADA. 

Under policies issued previous to Slst March, 18T8. 
* Amount computed to cover the net reserve on all outstanding policies 

in Canada 8508,261 00 

Claims for death losses unadjusted but not resisted 66 00 

Total liabilities to said policy-holders in Canada $ 508,327 00 

Under policies issued subsequent to the 31s* March, 18T8. 

•Amount computed to cover the net present value of all Canadian policies 

in force • • - ; $614,783 00 

Deduct value of said ixriicies reinsured 187 00 

Net reinsurance reserve..*. S 614,596 00 



Total net liabilities to said policy-holders in Canada 614,59 • 00 

Total net liabilities to all policy-holders in Canada $1,122,923 00 

INCOME IN CANADA. 

Amount of premiums received in cash during the year on life policies 

in Canada « 132,588 04 

Deduct amount paid for reinsurance 364 58 

Net premium income $ 132,223 46 

Interest or dividends on stock, &c ; 38,204 28 

Rents 62 50 



Total income in Canada/ $ 170,490_24 

EXPENDITURE IN CANADA. 

Amount paid on account of claims in Canada, viz. : — 

On account of death claims • 3 77,700 00 

On account of matured endowments 42,183 00 

Net amount paid on account of claims $ 119,883 00 

(Of this amount $5,460, death claims, accrued in previous years.) 

Cash paid on account of disabling injuries to life policy-holders. .... 45 40 

Amount paid for surrendered policies 42,143 00 

Total net amonnt paid to policy-holders in Canada 8 162,071 40 

Cash paid for commissions, &c 18,494 25 

Amount paid for licenses, taxes, &c 694 5b' 

Total expenditure in Canada $ 181,260 21 

MISCELLANEOUS. 

Number of new policies roported during the year as taken in 

Canada 320 

Amount of said policies $ 794,108 00 

Number of policies become claims in Canada during the year 81 

Amount of said claims 114,534 40 

Number of policies in force in Cauada at date 3,011 

Amount of said policies §4,830,178 00 

Amount of said iwlieies reinsured. 7,000 00 

Total net amount in force at 31st December, 1892 4,823,178 00 



•Reserve at 4J per cent, Institute of Actuaries' H. M. Table. 

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LIFE INSURANCE COMPANIES. 333 

TRAVELERS'— Continued. 

Number and amount of policies terminated during the year in Canada: — 

No. Amount. 

1. By death 48 $ 72,306 00 

2. By maturity 33 42,183 00 

3. By expiry : 5 7,500 00 

4. By surrender 56 86,255 00 

(For which cash has been paid, $42,143.) 

5. By surrender, $32,500. 

(For which paid-up policies have been granted to 
amount of $12,209.) 

Difference of amounts carried out 20,291 00 

6. By lapse 131 279,993 00 

Total 273 $ 508,528 00 

— — 9 

No. Amount. 

Policies in force at beginning of year in Canada 3,022 $4,640,982 00 

Policies issued during the year 320 794,108 00 

Policies terminated as above and by change to paid-up policies. 294 520,737 00 

Policies not taken 33 77,500 00 

Policies terminated otherwise 4 6,675 00 

Policies in force at date of statement 3,011 4,830,178 00 



DETAIL OF POLICIES ISSUED SINCE 318T MARCH, 1878. 

No. Amount. 

Policies in force at beginning of year in Canada 1,868 $3,342,154 00 

Policies issued during the year 314 785,946 00 

Policies terminated as above and by change to paid-up policies. 227 444,105 00 

Policies not taken 33 77,500 00 

Policies terminated otherwise * 2 4,875 00 

Policies in force at date of statement 1,920 3,602,620 00 

Numbor of insured lives No return. 



Subscribed and sworn to, 28th February, 1893, by 



WILSON IRWIN, 

Chief Agent in Canada. 



(Received, 1st March, 1893.) 



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334 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

• TRAVELERS'— Continued. 

General Business Statement for the Year ending 31st December, 1892. 
{As returned to the Insurance Commissioner of the State of Connecticut.) 

Life Department. 
income during the tear 1892. 

Cash received for premiums, less reinsurance..'. $1,905,622 64 

Cash received from iu teres t, rents and miscellaneous sources 664,242 84 

Total iucome $2,569,865 48 

disbursements during the tear 1892. 

Amount paid for losses and matured endowments $ 703,560 50 

Amount paid to annuitants 3,783 78 

Cash paid for surrendered policies 138,357 06 

Interest or dividends paid stockholders 113,000 00 

Commissions to agents 267,753 03 

Medical examiners 1 fees 22,049 96 

Salaries of officers and office employe's 68,787 25 

Taxes 20,210 78 

Rent 1,292 51 

All other expenditure 116,870 42 

Total disbursements $1455,665^29 

ASSETS. 

Cost value of real estate $ 1,886,259 14 

Cash on hand and in bank 592,241 49 

Loans on bond and mortgage, real estate 3,321,181 81 

Loans to pol cy-holders on the company's policies assigned as collateral. 41 1,803 00 

Loans on collateral security 729,470 00 

Cost value of bonds and stocks owned 5,845,515 73 

Suspense account 73,496 63 

Bills receivable 11,492 90 

Total net or ledger assets $12,871,460 70 

Deduct depreciation from cost of assets to bring same to market value. 632,492 32 

Total net or ledger assets, less depreciation $12,238,968 38 

OTHER ASSETS. 

Interest accrued but not yet due $ 55,704 89 

Net amount of uncollected and deferred premiums 413,315 04 

Total assets as per books of the company ..$12,707,988 31 

Deduct items not admitted 84,989 53 

Total assets, less items not admitted $12,622,998 78 

LIABILITIES. 

.Reinsurance reserve, life department (Actuaries' or Combined Experi- 
ence, 4 per cent) $11,186,557 00 

Total policy claims 74,587 73 

Total liabilities $11,261,144 73 

Gross surplus, policy-holders' account $ 1,361,854 05 



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LIFI INSURANCE COMPANIES. 335 

TRAVELERS'— Concluded. 

BISK3 AND PREMIUMS. 

Number of new policies issued during the year 5,311 

Amount of said policies $21,691,654 00 

Number of policies terminated during the year 3,322 

Amount of said policies 10,753,785 00 

Number of policies in force at date .\ 28,781 

Amount of said policies 73,804,133 00 

Subscribed and sworn to, by 

JAMES G. BATTERSON, 

President. 

RODNEY DENNIS, 

Secretary. 
Hartford, 16th January, 1893. 

(For general statement, Accident Department, see Accident Statement.) 



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336 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE UNION MUTUAL LIFE INSURANCE COMPANY. 



Statement for the Year ending 31st December, 1892. 

President — John E. DeWitt. | Secretary — Arthur L. Bates. 

Principal Office — Portland, Maine. 

\ Attorney in Canada — William Mulock. | Head Office in Canada— Toronto. 

(Incorporated, 17th July, 1848 ; license issued in Canada, 12th October, 1868.) 



no capital. 



ASSETS IN CANADA. 

Short date notes given in payment of premiums (of which $739.15 

belongs to policies issued since 31st March, 1878) $ 799 04 

Premium obligations on Canadian policies in force 12,504 00 

Bonds deposited with the Receiver-General, viz. : — 

Market value. 

Province of Ontario annuity bonds $ 422,599 89 

Montreal Harbour 4 per cent bonds 30,000 00 

Province of New Brunswick 4 per cent bonds 100,000 00 

Carried out at market value 552.539 89 



Cash in bank in Canada, viz. : — 

Dominion Bank, Toronto $ 760 62 

Bank of Montreal, Montreal 1,020 30 

do Winnipeg 181 03 

Bank of British North America, St. John, N.B 793 47 

do do Halifax, N.S 774 42 

do do Victoria, B.C 539 86 

Merchants' Bank of Halifax, Charlottetown, P.E.1 269 94 

(Quebec Bank, Quebec 794 55 



Total cash in banks in Canada 5,124 19 

Agents' ledger balances in Canada 798 31 

Interest due $ 202 44 

do accrued 2,070 04 



Total carried out 2,272 4& 

Gross premiums due and uncollected on Canadian policies in force $ 15,149 81 

Gross deferred premiums on same 10,658 59 

Total outstanding and deferred premiums $ 25,808 40 

Deduct cost of collection at 10 per cent % . . . . 2,580 84 



* Net outstanding and deferred premiums 23,227 56 

Forborne premiums , 258 72 



Total assets in Canada $ 597,524 19 



* Of thiB amount $21,717.24 belongs to policies issued since 31st March, 1878. 

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LITX INSURANCE COMPANIES. 337 

UNION MUTUAL LIFE— Continued. 

LIABILITIES IN CANADA. 

(Under policies issued previous to 31st March, 1878.) 

* Amount estimated to cover the net reserve on all outstanding policies 

in Canada.... $ 398,500 00 

Claims for death losses— adjusted but not due $ 200 00 

do unadjusted but not resisted s 4,000 00 

do resisted, in suit 2,000 00 

do for matured endowments^ due and unpaid (all of which accrued pre- 
vious to 1892) 1,577 21 



Total.... 7,777 21 

Dividends or bonuses 'to Canadian policy-holders due and unpaid 225 09 

Total net liabilities to said policy-holders in Canada $ 406,502 30 

/ ===== 

(Under policies issued subsequent to 31st March, 1878.) 

* Amount estimated to cover the net reserve on all outstanding policies in 

Canada $375,800 00 

Deduct reserve on policies reinsured in other licensed companies in Canada. . 312 00 

Net reinsurance reserve $ 374,988 00 

Claims for death losses : — 

Unadjusted but not resisted $ 5,265 00 

Total claims for death losses 5,265 00 

Dividends or bonuses to Canadian policy-holders— due and unpaid 188 58 

Premiums paid in advance, less loading 52 41 

Total net liabilities to said policy-holders in Canada $ 380,493 99 

Total liabilities to all policy-holders in Canada $ 786,996 29 



INCOME IN CANADA. 

Gross amount cash received for premiums during the year on life policies in 

Canada * 121,366 97 

Premium obligations taken during the year in part payment of premiums in 

Canada 2,969 86 

Premiums paid by dividends, including reconverted additions. 904 45 



* Based on American Experience Table, 4£ per cent. 
4—22 



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1 



Total m . m $125,24128 I 

Deduct amount paid for premiums on policies reinsured in other licensed * 

companies in Canada 99 45 | 

Total net premium income in Canada $ 125,141 83 j 

Interest or dividends on stock 14,646 52 I 

All other income (interest on premium notes and discount on endow- i 

menu) 968 66 j 

Total income in Canada $ 140,757 01 



338 DEPARTMENT OT FINANCE— IN8URAN0B BRANCH. 

UNION MUTUAL LIFE— Continued. 

9 EXPENDITURE IN CANADA. 

Cash paid for death losses (of which $18,500 and $805.31 reversionary addi- 
tions accrued previous to 1892) $ 48,857 31 

Premium obligations used in payment of same 97 00 

Total $ 48,964 31 

Cash paid for matured and discounted endowments (of which $256.86 and 

$392.21 reversionary additions ascrued previous to 1892) $ 29,984 29 

Premium obligations used in payment of same 108 00 

Total ~ 30,092 29 

Total death claims and matured and discounted endow- 
ments $ 79,046 60 

Cash paid for surrendered policies .' 4,045 96 

Premium obligations voided by lapse 2,555 86 

Cash dividends paid to Canadian policy-holders 242 66 

Cash dividends applied in payment of premiums in Canada. .\. 904 45 

Premium obligations used in payment of dividends to policy-holders... 160 00 

Total paid to policy-holders in Canada $ 86,955 53 

Commissions, salaries and other expenses of officials in Canada 16,279 57 

Taxes, licenses, fees or fines in Canada 586 64 

Miscellaneous payments, vis. : — 

Bent, $971; advertising, $188.30; printing, &c, $15.35; exchange, 
&c., $211.40; medical fees, $1,114; legal and sundry expenses, 
$3,826.31; sundries, $15.65 6,342 01 

Total expenditure in Canada $ 110,163 75 

PREMIUM NOTE ACCOUNT. 

Premium obligations on hand at commencement of year $ 13,469 00 

do received during the year 2,969 86 

Total $ 16,428 86 

Deductions during the year, viz. : — 

Amount of obligations used in payment of claims $ d05 00 

do do dividends to policy-holders. .. 160 00 

do voided by lapse 2,666 86 

do redeemed in cash 1,004 00 

Total deductions 3,924 86 

Balance — note assets at end of year $ 12,504 00 

MISCELLANEOUS. 

Number of new policies reported during the year as taken in 

Canada 279 

Amount of said policies $ 573,640 00 

Number of policies become claims in Canada during the year 47 

Amount of said claims 56,541 88 

Number of policies in force in Canada at date 2,772 

Amount of said policies $4,671,257 00 

Bonus additions 103,903 99 

Total $4,675,160 99 

Deduct policies reinsured in other licensed companies in Canada 5,000 00 

Net amount in force 31st December, 1892 4,670,160 99 



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LIFI INSURANOS OOHPANIB8. 339 

UNION MUTUAL LIFE— Continued. 

Number and amount of policies terminated during the year in Canada : — 

No. Amount. 

1. By death (including bonus additions, $645.79) 29 $ 43,212 79 

2. By maturity (including bonus additions, $388.24).... 18 13,170 64 

3. By expiry 96 140,500 00 

4. By surrender (including bonus additions, $2,605.15) 9 14,011 15 

(For whicb cash value has been paid, $972.62.) 

5. By surrender, $4,000. 

(For which paid-up policies have been granted to 
amount of $1,640.00.) 

Difference of amounts carried out „ 2.360 00 

6. By lapse 127 211,000 00 

Total (including bonus additions, $3,639.18) 279 $ 424,254 58 

No. Amount. 

Policies in force at beginning of year (including bonus add itions, > 

$106,427.16) 2,837 $4,<;50 f 782 16 

Policies issued during the year 280 575,<»40 00 

Bonuses added during the year 23,512 23 

Policies terminated as above and by change to paid-up policies 

(including bonus additions, $3,639.18). 281 425,894 58 

Policies decreased 8,482 60 

Policies not taken 64 118,000 00 

Policy contract 22,396 22 

Policies in force at date of statement (including bonus additions, 

$103,903.99) 2/T72 4,675,160 99 

Detail of Policies issued since 31st March, 1878. 

No. Amount. 
Policies in force at beginning of year in Canada (including bonus 

additions, $70,868.41) 2,128 $3,533,164 29 

Policies issued and revived during the year 278 593,881 22 

Bonuses added during the year 2,809 92 

Policies terminated as above and by change to paid-up policies 

(including bonus additions, $2,990.10) 240 374,240 10 

Policies not taken 64 118,000 00 

Policies decreased 5,000 00 

Policy contract 22,396 22 

Policies in force at date of statement (including bonus additions, 

$70,688.23) 2,102 3,610,219 11 



No return of number of insured lives. 



Subscribed and sworn to, 25th February, 1893, by 



(Keccived, 28th February, 1893.) 
4— 22J 



J. FRANK LANG, 

Assistant Secretary. 



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340 DEPARTMENT OF FINANCE — IN8URAN0B BRANCH. 

UNION MUTUAL LIFE— Continued. 

General Statement for the Year ending 31st December, 1892. 

(As returned to the Insurance Commissioner, State of Maine.) 

INCOME. 

Total premium income $ 894,904 03 

Cash received for interest and dividends 268,444 44 

Cash received for rents 17,309 04 

Cash received as discount on endowments paid in advance 617 27 

Total income $1,181,274 78 



DISBURSEMENTS. 

Total amount paid for losses and matured and discounted endowments.! 598,659 74 

Cash paid to annuitants 492 15 

Cash paid for surrendered policies 45,958 28 

Premium notes, loans or liens used io purchase of surrendered policies 

and voided by lapse 20,725 88 

Cash surrender value, including reconverted additions applied in pay- 
ment of premiums 6,075 00 

Cash dividends paid to policy-holders, 93,028.73 ; same applied in pay- 
ment of premiums, $16,596.92 19,625 65 

Premium notes, loans or liens used in payment of dividends to policy- 
holders 3,529 00 

Commission to agents 171,499 63 

Salaries and travelling expenses of managers of agencies and special 

agents 56,760 69 

Medical examiners' fees 20,065 08 

Salaries of officers and office employees 54,159 44 

Taxes 16,795 94 

Rent 9,794 02 

General expenses , 75,553 65 

Total disbursements $1,099,694 15 



A88ET8. 

Value of real estate, exclusive of all encumbrances $ 734,494 95 

Loans on bonds and mortgages (first liens) on real estate 1,430,298 71 

Loans secured by pledge of bonds, stock or other marketable collaterals 410,936 46 

Premium notes, loans or liens on policies in force 290,054 25 

Cost value of bonds and stocks owned 3,172,442 74 

Cash on hand and in banks 119,967 73 

Bills receivable 329 72 

Agents' and other ledger balances..... 703 00 

Cash in transit (since received) 1,751 24 

Total net or ledger assets $6,160,978 80 



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LIFE INSURANCE COMPANIES. 341 

UNION MUTUAL LIFE— Concluded. 

OTHER A83BTS. 

Interest due and accrued $ 62,102 29 

Eents accrued 1,317 18 

Market value of stocks and bonds over cost 35,158 11 

Forborne premiums to be deducted in settlement of policy claims 3,226 69 

Net amount of uncollected and deferred premiums 167,144 15 

Total assets $6,429,927 22 

Less items not admitted 1,032 72 

Total assets, less items not admitted $6,428,894 50 

LIABILITIES. 

Reinsurance fund, Actuaries' or Combined Experience Table of Mor- 
tality, 4 per cent interest $5,952,776 00 

Premium obligations in excess of the net value of their policies 18 00 

Total policy claims 136,863 72 

Premiums paid in advance 1,536 14 

Unpaid dividends to policy-holders 4,054 48 

Contingent reserve 130 00 

Contingent liability 3,000 00 

Total liabilities $6,098,378 34 

Gross surplus on policy-holder's account $ 331,548 88 

Surplus estimated as belonging to tontine or other special policies $ 73,138 57 

MISCELLANEOUS. 

Number of new policies issued during the year 3,861 

Amount of policies issued $7,699,683 00 

Number of policies terminated 2,495 

Amount of said policies 5,182,630 80 

Number of policies in force 17,816 

Amount of policies in force 33,293,484 92 

JOHN E. DeWITT, 

President. 

ARTHUR L. BATES, 

Secretary. 

Portland, Me., 2nd February, 1893. 



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342 DEPARTMENT OF FINANCE — IN8CTRAN0B BRANCH. 

THE UNITED STATES LIFE INSUBANC^l COMPANY. 



Statement for the Year ending 31st December, 1892. 

President — Geo. H. Bcrford. 

Secretary — C. P. Fraleioh. Principal Office — 

261-263 Broadway, New York City. 

Attorney in Canada — Thos. A. Temple, j Head Office in Canada — St. John, N.B. 

(Incorporated, February, 1850. License issued iu Canada, 8th "August, 1873.) 

I 

CAPITAL. 

Amount of capital authorized, subscribed for and paid up cash j 440,000 00 



ASSETS IN CANADA. 

Stocks and bonds in deposit with the Receiver-General, viz. : — 

Par value. Market value. 

United States 4J per oent registered bonds $ 40,000 00 $ 45,400 00 

District of Columbia S.65 registered bonds 60,000 00 67,800 00 

Total $100,000 00 $ 113,200 00 



Total value of stocks and bonds carried out at market value $ 113,200 00 

Gross premiums due and uncollected on Canadian policies in force $ 9,605 41 

Gross deferred premiums on same 6,728 16 



Total outstanding and deferred premiums $ 16,333 57 

Deduct cost of collection at 10 per cent 1,633 36 

Net outstanding and deferred premiums 14,700 21 

' Total assets in Canada $ 127,900 21 

LIABILITIES IN CANADA. 

* Amount computed to cover tbe net reserve on all outstanding policies 

in Canada $ 115,630 49 

Claims for death losses, unadjusted but not resisted 11,000 00 

Total liabilities in Canada $ 126,630 49 

INCOME IN CANADA. 

Amount of premiums received in cash during the year on life policies 

in Canada $ 61,010 86 

EXPENDITURE IN CANADA. 

Amount paid during the year on account of death claims in Canada... $ 5,000 00 

Cash paid for surrendered policies 1,020 22 

Cash paid for salaries, commissions and other expenses of officials in 

Canada 31,235 21 

Cash paid for licenses or taxes 638 66 

Cash paid for rents, postage, printing, office expenses, &c 1,955 91 

Total expenditure $ 39,850 00 



* Base on Institute of Actuaries' H.M. Table, with interest at 4£ per cent Computed by the 
Department 



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/ 

LlfE INSURANCE 0OMPANIE8. 343 

UNITED STATES LIFE— Continued. 

MISCELLANEOUS. 

Number of new policies reported daring the year as taken in Canada. 571 

Amount of said policies $1,864,650 00 

Number of policies become claims in Canada during the year 4 

Amount of said claims ; 5,000 00 

Number of policies in force in Canada at date 1,021 

Amount of said policies 2,297,935 00 

Number and amount of policies terminated during the year in Canada: — 

No. Amount. 

1. Bydeath 4 $ 5,000 00 

2. By surrender (for which cash value has been paid, 

$1,020.22) 1 5,000 00 

3. By surrender, $1,000 (for which paid-up policy has been 

granted to the amount of $350.) 
Difference of amounts carried out 650 00 

4. By lapse ^35 1,610,590 00 

Total 440 $1,621,240 00 

No. Amount. 

Policies in force at beginning of year in Canada 852 $1,958,025 00 

Policies issued during the year in Canada 609 1,961,150 00 

Policies terminated as above : 440 1,621,240 00/ 

Policies in force at date of statement 1,021 2,297,935 00 

Number of insured lives—No return. 

Subscribed and sworn to, 24th February, 1893, by 

WM. T. STANDEN, 

Actuary. 
(Beceived, 28th February, 1893.) 

General Business Statement for the Tear ending 31st December, 1892. 
(As returned to the Superintendent of Insurance, State of New York.) 

INCOME DURING THE YEAR. 

Total premium income >.. $1,186,031 92 

Beceived for interest and dividends 313,017 92 

Beceived for rent 1,204 87 

Beceived from other companies for reinsurance 3,190 00 

Balance, profit and loss account, less debits 2,545 49 

Total income $1,505,990 20 

^. _ — : 

/ 

DISBURSEMENTS DURING THE TEAR. 

Total amount paid for losses and matured endowments $ 720,336 39 

Cash paid to annuitants 2,536 03 

Dividends paid to policy-holders 9,002 88 

Cash paid for surrendered policies and additions 110,794 78 

Cash paid to stockholders for interest on capital stock 30,800 00 

Commissions to agents 213,114 89 

Salaries and travelling expenses of managers of agencies and special 

agents 74,314 30 



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344 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

UNITED STATES LIFE— Concluded. 

Salaries of officers and employees 63,588 55 

Medical examiners' fees * 25,471 6*0 

Premiums paid for reinsurance 7,170 95 

Taxes 20,845 37 

Rent 23,909 44 

General expenses.... 59,786 W 

Total disbursements > 1,351,671 94 

ASSETS. 

Cost value of real estate less encumbrances $ 67,822 49 

Loans on bonds and mortgage* (first liens) on real estate 4,475,162 81 

Loans secured by pledge of bonds, stock or other marketable collaterals. 65,423 38 
Loans made in cash to policy-holders on the Co.'s policies assignod as 

collaterals 209,703 88 

Cost value of bonds and stocks owned 1,532,223 06 

Cash on hand and in banks 111,471 69 

Bills receivable 12,118 75 

Agents' balances v 15,546 87 

Total net or ledger assets , $6,489,472 93 

OTHER A8SET8. 

Interest due and accrued 76,635 93 

Market value of real estate over cost ; 1,777 51 

Market value of stocks and bonds over cost 74,642 83 

Net amount of uncollected and deferred premiums 144,052 30 

Net value of risks reinsured 47,070 00 

Total assets $6,833,651 50 

LIABILITIES. 

*Net reinsurance reserve. $6,100,489 38 

Total unsettled claims 109,130 00 

Other liabilities 12,626 19 

Total liabilities $6,222,245 57 

Gross surplus on policy-holders' account $ 611,405 93 

BISK8 AND PREMIUMS. 

Number of new policies issued during the year 4,321 

Amount of said policies $14,001,695 00 

Number of policies terminated during the year 3,663 

Total amount terminated 11,951,561 00 

Number of policies in force at date 17,939 

Amount of said policies 43,728,300 00 

Subscribed and sworn to, by 

GEO. H. BURFORD, 

President. 

A. WHEELWRIGHT, 
New York, 30th January, 1893. Asst. Secretary. 

♦Computed according to the Actuaries' or Combined Experience Table of Mortality, with 4 per cent 
nterest. 



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STATEMENT S 



MADE BT 



ACCIDENT, GUARANTEE, PLATE GLASS 



AND 

« 



STEAM BOILER 
INSURANCE COMPANIES. 



IN ACCORDANCE WITH THE INSURANCE ACT. 



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LIST OF COMPANIES 

DULY LICENSED FOE THE TBANSACTION OP ACCIDENT, GUAR- 
ANTEE, PLATE GLASS AND STEAM BOILER INSUEANCE 
BUSINESS IN THE DOMINION, FOE THE YEAE ENDING 31st DE- 
CEMBER 1892. 



ACCIDENT. 

The Accident Insurance Company of North America. 

The Canada Accident Assurance Company. 

The Citizens' Insurance Company of Canada. 

The London Guarantee and Accident Company (Limited). 

The Manufacturers' Accident Insurance Company. 

The Mutual Accident Association (Limited). 

The Norwich and London Accident Insurance Association. 

The Sun Life Assurance Company of Canada. 

The Travelers' Insurance Company of Hartford, Conn. 

GUARANTEE. 

The American Surety Company (Limited). 
The Guarantee Company of North America. 
The London Guarantee and Accident Company (Limited). 

PLATE GLAS8 INSURANCE. 

The Dominion Plate Glass Insurance Company. 

The Lloyds' Plate Glass Insurance Company of New York. 

The Mutual Accident Association. 

Mongenais, Boivin & Co. 

STEAM BOILER INSURANCE. 

The Boiler Inspection and Insurance Company of Canada (formerly the Cana- 
dian Steam Users' Insurance Association). 



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ACCIDENT, GUARANTEE, PLATE OLA8S, &C., INSURANCE COMPANIES. 349 

THE ACCIDENT INSURANCE COMPANY OF NORTH AMERICA. 



Statement fob the Year ending 31st December, 1892. 

President — I Vice-President and Managing Director — 

Sir Alex. T. Galt, G.C.M.G | Edward Rawlings. 

Head Office—* Montreal. 

(Incorporated, 14tb June, 1872. Commenced business in Canada, June, 1874.) 



CAPITAL. 



Authorized $ 500,000 00 

Subscribed for 261,000 00 

Paid up in cash 181,940 00 



{For List of Shareholders, see Appendix.) 



ASSETS. 



Mortgages on real estate.... $ 1,971 84 

Stocks and bonds held by the company : — 

Par value. Market value. 

•Montreal Harbour bonds $ 23,500 00 $ 24,280 00 

•Dominion stock 549 67 560 66 

'Montreal corporation bonds 500 00 497 50 

■fCity of Brooklyn 3 per cent bonds. 100,000 00 101,000 00 

Total par and market values $ 124,549 67 $ 126,288 16 

Carried out at market value 126,288 16 

Cash on hand at head office 232 25 

Cash in Canadian Bank of Commerce, Montreal 823 90 

Interest accrued and unpaid 'on stocks and bonds 2,137 01 

Agents' balances 3,288 08 

Furniture and fixtures 386 91 



Total assets $ 135 ,128 15 

LIABILITIES. 

(1.) Liabilities in Canada. 

Net amount of losses due and yet unpaid $ 239 63 

Net amount of losses resisted and in suit (accrued in previous years) 10,000 00 

Total net amount of unsettled claims $ 10,239 63 

Reserve of unearned premiums for all outstanding risks in Canada and 

for other liabilities 8,823 23* 

Due and accrued for salaries... 246 67 

Commission on premiums in course of collection.. 822 02 

Money borrowed 13,500 00 

Bills payable. 5,000 00 

Due other companies for reinsurance 61 46 

Interest due and unpaid 753 03 

Total liabilities in Canada $ 39,446 04 



'Deposited with Receiver-General, Canada. 

tDeposited with Insurance Department, State of New York. 



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\ 



360 DKPABTMINT OF FINANCE — INSURANCE BRANCH. 

ACCIDENT COMPANY— Continued. 
(2.) Liabilities in other Countries. 

Net amount of claims for accident losses, resisted, in suit (accrued in previous 

years) $ 6,000 00 



Total liabilities in other countries $ 6,000 00 



Total liabilities (excluding capital stock) $ 45,446 04 

Capital stock paid up in cash , . $ 181,940 00 

INCOME. 

For Accident Risks. In Canada. 

Cross ca«»h received for premiums $ 28,713 50 

Deduct reinsurance, rebate, abatement and return-premiums 3,696 80 

Net cash received for premiums $ 25,016 70 

Total net cash received for premiums $ 25,016 70 

Interest and dividends 3,705 58 

Rent 176 01 



Total income...... $ 28,898 J9 

EXPENDITURE. 

For Accident Bisks. In Canada. 

Amount paid during the vear for losses occuring in previous years (which 

losses were estimated in the last statement at $4,328.71) $ 6,543 71 

Deduct amount received for reinsurance 2,375 00 

Net amount paid during the year for said losses $ 4,168 71 



Amount paid for losses occurring during the year .$ 7,247 12 

Deduct amount received for reinsurance 416 80 



Net amount paid during the year for said losses. $ 



Total net amount paid during the year for accident losses $ 10.999 03 

Commission or broker-age 6,210 45 

Salaries, fees and all other charges of officials 5,299 98 

Taxes 1,081 40 

Miscellaneous payments, viz.: — Bents, $1,291.65; office charges, 9235.76; 
advertising, $725.31; postage, express and telegrams, &c, $317.97; 
printing and stationery, $32.90; law charges, $743.30; agents' bal- 
ances written off. $445 : 3,791 88 

Total expenditure $ 27,382 74 

• . . ■ 

CASH ACCOUNT. 

1891. Dr. 1892. Cr. 

Dec. SI— To balance in hand and in Dec. 31— By expenditure during year 

banks at this date $ 1,240 60 as above. $ 27,382 74 



Loan account — borrowed mo- 
Dec 31— To income as above 28,888 29 ney returned 5,500 00 

Loan account— borrowed dur- Balance in hand and in bank 

ingyear 3,500 00 this date 1,056 15 

Received from other sources. '300 00 



$ 33,938 89 $ 33,938 89 



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ACCIDENT, QUABANTBB, PLATE GLASS, &C.,| INSURANCE COMPANIES. , 351 

ACCIDENT COMPANY— Concluded. 

BISKS AND PBEMIUM8. 

In Canada. 



Accident Risks. No. Amount. 



Premiums 
thereon. 



Gross policies in force at date of last statement 1,738 $ 4,064,850 $ 25,618 09 

Taken during the year, new 994 1,490,400 11,81101 

do do renewed 887 2,316,000 12,412 20 

Total 3,619 $ 7,871,250 * 49,34130 

Deduct terminated 2,321 4,608,850 30,78167 



Gross in force at end of year 1,298 $ 3,262,400 $ 18,559 63 

Deduct reinsured 201,000 913 17 



Net in force at 31st December, 1892. . . . 1,298 3 3,061,400 $ 17,646 46 

Total number of policies in force at date.... 1,298 

Total net amount in force $3,061,400 00 

Total premiums thereon 17,646 46 

Subscribed and sworn to, 23rd March, 1893, by 

EDWARD RAWLINGS, 

Managing Director. 
EDMUND W. STANTON. 

Accountant. 

(Received, 24th March, 1893.) 



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362 DEPARTMENT OF HNANOE — INSURANCE BRANCH. 

THE CANADA ACCIDENT ASSURANCE COMPANY. 



Statement for the Year ending 31st December, 1892. 
President — JR. Wilson Smith. | Manager and Agent—LYNX T. Leet. 

Head Office— Montreal. 
(Incorporated 23rd Jane, 1887. Commenced business in Canada, 10th Sept., 1888.) 



capital. 



Amount of capital authorized $ 500,000 00 

do subscribed for 108,300 00 

do paid up in cash 32,490 00 

{For List of Shareholders, see Appendix.) 



AS8ETS. 



Bonds end debentures in deposit with Receiver-General, viz. : — 

Par Value. Market Value. 

Town of Whitby $ 10,802 02 * 10,409 58 

City of St. Catharines 12,000 00 12,459 60 

$ 22,302 02 $ 22,929 13 

Carried out at market value $ 22,929 13 

Canada 3£ per cent inscribed stock 37,960 00 

Cash on hand at head office 632 99 

Cash in Bank of Commerce 10,883 07 

Interest on debentures, accrued and unpaid 126 25 

Agents' balances.. h 2,263 88 

Balances due for reinsurance 8,294 51 

Net premiums in course of collection (commissions deducted) 8,282 11 

Total assets $ 91,371 94 

LIABILITIES. 

Net amount of losses claimed but not adjusted $ 6,184 88 

Net amount of losses reported or supposed but not claimed 490 71 

Net amount of losses resisted— in suit. 5,000 00 



Total net amount of unsettled claims for accident losses 9 11,675 59 

Beserve of unearned premiums for all outstanding accident risks. .. 32,811 52 

Reserve of unearned premiums for all outstanding plate glass risks.... 9,187 00 

Due and accrued for miscellaneous expenses 349 93 

Total liabilities $ 54,024 04 



Capital stock paid up in cash..., $ 32,490 00 

Surplus beyond all liabilities and capital stock $ 4,857 90 



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ACCIDENT, GUARANTEE, PLATE QLA88, &C, IN8URANCE COMPANIES/ 353 

THE CANADA ACCIDENT— Continued. 

INCOME. 

Accident Risks — 

Gross cash received for premiums. .'. , $ 17,236 95 

Deduct reinsurance, rebate, abatement and return-premiums 232 93 



*Net cash received for premiums $ 17,003 02 

Received for interest on debentures 1,360 32 

Received from Mutual Accident Association on account of transfer of 

business , 8,624 18 



Total..., 8 26,987 52 

Received for calls on capital 425 00 

Total income % 27,412 52 



EXPENDITURE. 



Accident Risks — 



Amount paid during the year for losses occurring in previous years (which 

losses were estimated in the last statement at £3,055) $ 2,900 00 

Amount paid for hisses occurring during the year 2,047 07 



Total net amount paid during the year for losses $ 4,947 07 

Paid or allowed for commission or brokerage (including commission on 

Sun transfer) 8,498 69 

Salaries, fees and all other charges of officials 3,051 55 

Miscellaneous payments, viz. : — 

Printing and stationery, $53; advertising, $45.90; furniture, $23. 121 90 

Total expenditure $ 16,619 21 



OA8H ACCOUNT. 

1891. Dr. 

Dec. 31. To Balance on hand and in banks $ 709 07 

1892. 

Dec. 31. To Income as above 27,412 52 

Agents' advances 29 00 



$ 28,150 59 



1892. Cr. 

Dec. 31. By Expenditure as above $ 16,619 21 

Advance to agents 15 32 

Balance in hand 11,516 06 



$ 28,150 59 



* Including $11,333.33 on account of reinsurance of Sun accident policies. 
4—23 



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354 DEPARTMENT OF FINANCE — IN8URAN0E BRANCH. 

THE CANADA ACCIDENT— Concluded. 

BISK8 AND PREMIUM8. 

Accident Bisks — 

v^ a ™~„«+ Premiuma 

* a Am ount thereon 

Gross policies in force at date of last statement 1,124 $ 1,651,500 $ 9,032 35 

Taken during the year— new and renewed 931 1,444,500 7,459 73 

Citizens policies reinsured through Mutual 1,106 1,877,000 21,122 50 

Other policies reinsured from Mutual 451 933,305 7,315 17 

Policies reinsured from Sun 2,259 6,098,565 30,850 69 

Total 5,871 812,004,870 $ 75,780 44 

Deduct terminated 1,251 1,694,500 9,183 68 

Gross in force at end of year 4,620 $10,310,370 $-66,596 76 

Deduct reinsured 245,666 973 71 

Net in force at 31st December, 1892 4,620 $10,064,704 $ 65,623 05 

Plate Glass Risks. 

"Reinsured from Mutual Accident 1,027 $ 205,321 $ 16,390 44 

Gross in force at end of year 1,027 205,321 16, 390 4 4 

Total number of policies in force at date 5,647 

Total net amount in force $10,270,025 00 

Total premiums thereon 82,013 49 

Subscribed and sworn to, 7th March, 1893, by 

K. WILSON SMITH, 

President. . 
LYNN T. LEET, 

Manager. 

(Eeceived, 8th March, 1893.) 



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ACCIDENT, GUARANTEE, PLATE OLA88, &C., INSURANCE COMPANIES. 355 

THE LONDON GUARANTEE AND ACCIDENT COMPANY (LIMITED). 



Statement for the Year ending 31st December, 1892. 

Principal Office — I Secretary — E. 6. Laugiiton Anderson. 

10 Moo rg ate St., London, England. | 

i 
Head Office in Canada — I Agent in Canada — A. T. McCord. 

Cor. King and Yongo Sts., Toronto. | 

(Established, A.D., 1869. Commenced business in Canada, July, 1880.) 



capital. 



Amount of joint stock capital authorized £250,000 sterling. 

Amount subscribed for 150,000 do 

Amount paid up in cash : 75,000 do 



ASSETS IN CANADA. 

Value of real estate in Canada held by the company $ 100 00 

Amount secured by way of loans on real estate, by bond or mortgage, 

first liens 600 00 

Canada inscribed stock in deposit with Keceiver-General 56,745 32 

(Par value, $53,533.33; markot value, $56,745.32.) 
Cash in banks, viz. : — , 

Bank d'Hochelaga, Montreal ...9 12,000 00 

Bank of Hamilton, Toronto 8,113 39 

Total cash in banks 20,113 39 

Cash in bands of agents in Canada 9,964 86 

Total assets in Canada $ 87,523 57 



LIABILITIES IN CANADA. 

* Net amount of guarantee losses, claimed but not adjusted $ 3,900 46 

Net amount of guarantee losses resisted and in suit (all of which accrued in 

previous years) • 12,000 00 

Net amount of accident losses claimed but not adjusted (estimated) 6,916 82 

Net amount of accident losses resisted — in suit 2,750 00 

Total net amount of unsettled claims for losses in Canada. $ 25,567 28 
Reserve of unearned premiums for all outstanding risks in Canada: — 

Guarantee $ 16,05128 

Accident 29,790 59 



Total reserve , 45,841 87 



Total liabilities in Canada $ 71,409 15 



*Of this amount $3,741.08 has been paid since 31st December, 1892. 
4—23} 



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356 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

LONDON GUAEANTBE AND ACCIDENT— Continued. 

INCOME IN CANADA. 

Gross cash received for guarantee premiums $ 33,641 28 

Deduct reinsurance, rebate, abatement and return-premiums 2,830 84 



Net cash received for said premiums $ 30,810 44 

Gross cash received for accident premiums * $ 53,827 95 

Deduct reinsurance, rebate, abatement and return-premiums. 387 17 

Net cash received for said premiums $ 53,440 78 

Total net cash received for premiums in Canada $ 84,251 22 

Interest on deposit received direct in England 2,141 33 

Interest on bank deposits 582 82 

Claims recovered 2,038 77 



Total income in Canada $ 89,014 14 

EXPENDITURE IN CANADA. 

For Guarantee Risks in Canada. 

Amount paid during the year for guarantee losses occurring in previous years 

(which losses were estimated in the last statement at #975) $ 975 00 

Amount paid for guarantee losses occurring during the year 6,473 00 

Total net amount paid during the year for guarantee losses. % 7,448 00 

For Accident Risks in Canada. 

Amount paid during the year for accident losses occurring in previous years 

(which losses were estimated in the last statement at $1,000) 3 1,000 00 

Total net amount paid during the year for accident losses 18,040 84 

Total net amount j>aid during the year for accident losses. . .$ 19,040 84 

Total net amount paid during the year for guarantee and accident losees.S 26,488 84 

Paid for commission or brokerage in Canada 33,414 40 

Paid for taxes in Canada 1,906 16 

Miscellaneous payments, viz.: — Law costs, $1,259.68; medical fees, 

$81.50; other charges, $462.46 1,803 64 

Total expenditure in Canada $ 63,613 04 

RISKS AND PREMIUMS. 

Guarantee Risks in Canada. No. Amount. Premiums. 

Gross policies in force at date of' last statement 4,162 $ 4,952,554 $ 33,098 46 

Taken during the year— new 922 1,129,215 7,979 12 

do do renewed 3,117 3,636,650 26,954 28 



Total 8,201 $ 9,718,419 $ 68,03186 

Deduct terminated 4,322 5,112,564 34,556 27 



Gross in force at end of year 3,879 $ 4,605,855 $ 33,475 59 

Deduct reinsured 190,750 1,373 OS* 



Net in force at 31st December, 1892 3,879 * 4,415,105 * 32,102 56 



Accident Risks in Canada. 

Gross policies in force at date of last payment 6,281 $ 11,364,111 $ 52,769 61 

Taken during the year— new 3,133 8,065,900 35,807 91 

do do renewed 1,852 9,422,655 24,160 44 



Total 11,266 $ 28,852,666 $112,737 96 

Deduct terminated 3,023 11,976,856 53,156 78 



Gross and net in force at 31st Dec, 1892. 8,243 3 16,875,811 3 59,581 18 



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ACCIDENT, GUARANTEE, PLATE GLASS, &C, INSURANCE COMPANIES. 357 

LONDON GUARANTEE AND ACCIDENT— Continued, 

Total Dumber of policies in force in Canada at date 12,122 

Total net amount in force $21,290,916 00 

Total premiums thereon 91,683 74 

Subscribed and sworn to, 28th February, 1833, by 

0. D. BICHARDSON, 
(Received, 1st March, 1893.) Assistant Chief Agent. 

General Business Statement for the Year ending 31st December, 1892. 
{Abstracted from the Directors 1 Report, London, Eng., 2\st March, 1893.) 

The net income from premiums, after deducting reassurances, was 
£56,137 lis. Od. 

The claims, including reserve for those then under investigation, were 
£23,012 7s. 7d. 

The deposit required by the insurance law of the State of New York has been 
made, and arrangements are in active progress for the development of the Com- 
pany's business throughout the United States under the management of Mr. A. C. 
Edwards, who has for some years been associated with the Company's Canadian 
branch. The head office for the United States has been fixed at Chicago, 111. 

In connection with this extension the directors, under the authority given at 
the meeting held on the 24th March, 1891, allotted among the members and their 
nominees 1,776 ordinary shares of £5 each, with £2 paid at a premium of £4 per 
share, and 5,000 5 per cent preference shares of £5 each fully paid at par. The 
subscribed capital of the company is thereby raised to £150,000, of whicn £75,000 
is paid up. 

The directors recommend that in* addition to the premium received on the 
further issue of capital, less the expense of the emission (estimated at £104), £5,000 
be carried as heretofore from revenue to the reserve fund, which will then amount 
to £85,000. 

The directors recommend the payment of a dividend (1) on the preference 
shares, after the rate of 5 per cent per annum to 31st December, 1892; (2) on the 
ordinary shares, of 4 shillings per share, making with the interim dividend paid in 
September, 6 shillings per share, free of income tax, and the payment of a bonus of 
2 shillings per share, also free of income tax. 

Revenue Account for the Year ending 31st December, 1892. 

EXPENDITURE. INCOME. 

£ s. d. £ s. d. 

To Claims — Balance of account and costs By Premiums, less bonus and rebates to 

and expenses re settlements 20,029 16 8 assured and reassurances. 56,137 11 

Charges — Commission, branch and , Interest. 6,680 18 

agency expenses, policy stamps and Profit and loss 89 13 3 

income and colonial taxes 12,630 13 3 

Advertising, agency extension, print- 
ing and stationery 3,853 16 

Rent, salaries and general law 
charges, directors', auditors', medi- 
cal and survey fees 5,894 2 6 

Postage, receipt stamps and miscel- 
laneous charges 733 19 8 f 

United States branch establishment 
account 2,026 18 

Reserve against amounts to debit of 
agents 148 8 3 

Reserve 5,000 

Interim dividend paid 
September, 1892 ....£ 2,322 8 

Balance as per balance 
sheet below 10,267 19 9 



-12,590 7 9 



£62,908 2_3 £62^908 2 _3 

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358 



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ACCIDENT, GUARANTEE, PLATE GLASS, &0., INSURANCE COMPANIES. 



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360 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE MANUFACTUKEBS* ACCIDENT 1NSUBAN T CE COMPANY. 



Statement for the Year ending 31st December, 1892. 



President — Geo. Gooderham. | Managing Director — John F. Ellis. 

Principal Office — Toronto, Ont. 
(Incorporated, 23rdJune,1887. Commenced business In Canada, 5th November, 1887.) 



Amount of joint stock capital authorized $1,000,000 00 

Amount subscribed for . 118,700 00 

Amount paid up in cash.... 23,740 00 

(For List of Stockholders, see Appendix.) 



ASSETS. 



Loans secured by mortgages on which not more than one year's inter- 
est is duo, constituting a first lien on real estate % 15,067 70 

Stocks and bonds deposited with Receiver-General, viz. : — 

Par value. Market value. 
Canadian Government bonds $ 20,000 00 $ 20,900 00 

Carried out at market value 20,900 00 

Cash on hand at head office 369 00 

Cash in Traders' Bank 425 58 

Interest due and unpaid on mortgages $ 266 01 

Interest accrued and unpaid on mortgages 304 69 

Interest accrued and unpaid on bonds 133 69 

Total interest due and accrued 704 39 

Premiums uncollected 7,719 09 

Due from agents 106 84 

Fire premium paid for mortgagor 120 00 

Office furniture... 411 49 

Total assets $ 45.8 24 09 

LIABILITIES. 

Claims for accident losses, viz. : — 

Claimed but not adjusted $ 496 40 

Reported or supposed but not claimed 5,000 00 

Total net amount of unsettled claims for accident losses.. $ 5,496 40 
Eeserve of unearned premiums for all outstanding risks 30,245 39 

Total liabilities 35,741 79 

Capital stock paid up in cash and notes .$ 23,740 00 



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ACCIDENT, GUARANTEE, PLATE GLASS, &C, INSURANCE COMPANIES. 361 

MANUFACTURERS' ACCIDENT --Continued. 

INCOME. 

Gross cash received for premiums $ 69,837 51 

Deduct reinsurance, rebate, abatement and return- premiums 2,570 04 

Total net cash received for premiums $ 67,266 57 

Cash received for interest on bonds and mortgages 1,882 51 

Total income $ 69,149 08 



EXPENDITURE. 

Amount paid during the year for losses occurring in previous years (which 

losses were estimated in last statement at 88,171) $ 8,171 00 

Amount paid for losses occurring during the year. 8 32,27174 

Less amount received for savings and salvage and reinsurance 7143 

Net amount paid for said losses $ 32,200 31 

Net amount paid for accident losses ? $ 40,371 31 

Commission or brokerage 16,631 09 

Salaries, fees and all other charges of officials.... 8,338 39 

Taxes and rent 2,407 89 

Miscellaneous payments, viz. : — 

Advances to agentb, $157.87; sundry expenses, $664.95; printing 
and advertising, $1,597.23; law costs, $1,009.24; office furni- 
ture, $30.50 ; travelling expenses, $923.64 ; postage and tele- 
graph and express, $546.46; office supplies, $111.21; light, 
$24.26 ; fire premium paid for mortgagor, $120 5,185 36 

Total expenditure $ 72,934 04 



, CASH ACCOUNT. 

1891. Dr. 

Dec. 31.— To balance in hand and in banks $ 2,129 54 

1892. 

Dec. 31.— To income as above 69,149 08 

Received from realization of investments 4,450 00 

• " $ 75,728 62 



1892. Cr. 

Dec. 31. — By expenditure as above $ 72,934 04 

Investments 2,000 00 

Balance in hand and in banks this date 794 58 

$ 75,728 62 



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362 DEPARTMENT OF FINANCE— INSURANCE BRANCH. 

MANUFACTURERS' ACCIDENT— Concluded. 

MISCELLANEOUS. 



No. Amount. 



Premiums 
thereon. 



Gross policies in force at date of last statement 2,916 $ 5,466,000 $ 46,748 02 

Taken during the year— new 2,069 4,590,833 41,008 53 

do do renewed 1,136 3,315,000 34,756 53 

Total 6,121 3 13,361,833 $122,513 08 

Deduct terminated 2,160 4,844,499 60,620 49 

Gross in force at end of year 3,961 8 8,517,334 $ 61,892 69 

Deduct reinsured 255,500 1,40181 

Net in force at 31st December, 1892 3,961 $ 8,2 61,831 % 60,490 78 

Total number of policies in force at date 3,961 

Total amount in force $8,261,834 00 

Total premiums thereon... 60,490 78 



Subscribed and sworn to, 1st Marofe, 1893, by 



GEO. GOODERHAM, 

President. 
JNO. P. ELLIS, 

Managing Director. 



(Received, 3rd Marbh, 1893.) . 



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ACCIDENT, GUARANTEE, PLATE GLASS, &0., INSURANCE COMPANIES. 363 

THE MUTUAL ACCIDENT ASSOCIATION (LIMITED). 



Statement for the Year ending 31st December, 1892. 
Chairman — Samuel Ogdbn. | Secretary — O. B. Jeens. 

Principal Office — Manchester, England. 
Agents in Canada — Eastmure & Lightbourn. | Head Office in Canada — Toronto. 
(Incorporated, 24th August, 1881. Commenced business in Canada, 20th April,! 886.) 



CAPITAL. 

Amount of joint stock capital authorized and subscribed for $ 486,666 67 

Amount paid up in cash .". 48,666 67 

ASSETS IN CANADA. 

^Canada 3£ per cent stock in deposit with Eeceiver-General $ 37,960 00 

** _^__ _____ 

Total assets in Canada $ 37, 960 00 

LIABILITIES IN CANADA — Nil. 
INCOME IN CANADA. 

For Accident Bisks in Canada, 

Grose cash received for premiums $ 5,540 82 

Deduct reinsurance, rebate, abatement and return-premiums 1,914 55 



Net cash received for accident premiums $ 3,626 27 

For Plate Glass Risks in Canada. 

Gross cash received for premiums 8 8,021 66 

Deduct reinsurance, rebate, abatement and return-premiums 2,033 18 

Net cash received for plate glass premiums 5,988 48 

Interest on bank deposit 212 78 

Total income in Canada , $ 9,827 53 

EXPENDITURE IN CANADA. 

Amount paid during the year for tilate glass losses occurring in previouB 

years (which losses were estimated in the last statement at $507.96) $ 507 96 

Deduct reinsurance 66 05 



Xet amount paid during the year for said losses S 441 91 

\ 

Amount paid for plate glass losses occurring during the year $ 2,851 71 

Deduct savings and salvage 35 00 

Net amount paid during the year for the said losses $ 2,816 71 

Total net amount paid during the year for plate glass louses . $ 3,258 62 

* This has been assigned to the Canada Accident Assurance Co., and is included among the assets of 
that company. 



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364 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

MUTUAL ACCIDENT— Continued. 

Amount paid during the year for accident losses occurring in previous years 

(which losses were estimated in the last statement at $2, 133.56) $ 2,133 56 

Deduct reinsurance 75 00 

' Net amount paid during the y. ar for the said losses $ 2,058 56 

Amount paid for accident losses occurring during the year 2,057 13 

Total net amount paid daring the year for accident losses. 4,115 69 

Total net amount paid during the year for accident and 

plate glass losses $ 7,374 31 

Paid for commission or brokerage in Canada 3,787 62 

Taxes 91 05 

Canada Accident Assurance Company 5,000 00 

Sundry payments, viz.: — Printing policies, $71; telegrams and cable- 
grams, $92.10 ; premium on bond, $25 ; travelling expenses, 
$63.36; license and fees, Provincial Government, $120; directors, 
$50 421 46 



Total expenditure in Canada $ 16,674 44 



RISKS AND PREMIUMS. 



Accident Risks in Canada. No. Amount. 



Premiums 
thereon. 

Gross policies in force at date of last statement 450 $ 971,311 $ 7,397 48 

Taken during the year- new 188 391,660 1,917 89 

do renewed 343 723,000 3,622 93 

Total 990 

Deducted terminated 655 



Gross in force 335 

Deduct reinsured ' 



Net in force at 15th November, 1892, transferred to 

Canada Accident. 335 8 



9 
9 


2,085,971 
1,365,477 

720,494 
41,166 

679.328 


$ 
8 


12,938 30 
9,279 68 

3,658 62 
127 45 


a 


a,531 17 



Plate Glass Risks in Canada. 

Gross policies in force at date of last statement 803 $ 168,480 $ 13,302 35 

Taken during the year— new 324 69,485 4,63174 

do renewed 222 46,350 3,389 92 



Total 1349 * 284,315 $ 21,324 01 

Deduct terminated 364. 78,994 5,453 29 



Gross and net in force at 15th November, 1892, trans- 
ferred to Canada Accident 985 $ 205,321 8 15,870 72 



Total number of policies in force in Canada at date None. 

Subscribed and sworn to, 17th March, 1893, by 



A. L. EASTMUEE, 

Chief Agent 



(Eeceived, 20th March, 1893.) 



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ACCIDENT, GUARANTEE, PLATE GLASS, &C, INSURANCE COMPANIES. 365 

MUTUAL ACCIDENT— Concluded. 

Business of Citizens* Accident Branch carried on by the Mutual Accident Association 
from 1st February, 1892, to 30th November, 1892. 

INCOME. 

Gros6 premiums received in cash $ 19,844 65 

Less reassurances 453 26 

Net cash for premiums ..$ 19,391 39 

EXPENDITURE. 

Net amount paid for losses $ 8,779 05 

Paid for commission 7,756 55 

Paid for expenses 901 05 

Total expenditure $ 17,436 65 

No. Amount. *™JoT 

Policies reinsured from Citizens $ 2,748,900 $ 14,709 17 

Taken during the year- new and renewed 2,284 3,849,500 27,867 28 

Total. $ 6,598,400 f 42,570 45 

Deduct terminated 4,721,400 21,453 95 

Gross in force at 31st December, 1892. 1,106 $ 1,877,000 8 21,122 50 

Deduct reinsured . . 128,500 453 26 

Net in force (transferred to Canada Accident) . . 1,106 8 1,748,500 $ 20,669 24 



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366 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE NORWICH AND LONDON ACCIDENT INSURANCE ASSOCIATION. 



Statement for the Year ending 31st December, 1892. 

President — Henry S. Patteson. | Secretary — C. R. Gilman. 

Principal Office — Norwich, England. 

Agents in Canada — I Head Office in Canada — 

Scott & Walmsley. | 32 Church St., Toronto. 

(Established, 1st September, 1856. Commenced business in Canada, 1st July, 1883.) 

capital. 

Amount of joint stock capital authorized and subscribed for . £200,000 $973,333 33 
Amount of capital paid up in cash 100,000 486,666 67 



ASSETS IN CANADA. 

Stocks in deposit with Receiver-General, viz.: — 

Par value. Market value. 
Canada 4 per cent stock $ 58,400 00 $ 63,656 00 



Carried out at market value $ . 63,656 00 

* 
Cash in banks, viz.: — 

Molsons Bank, current account $ 3,267 83 

do special account 1,575 09 



* Total , '. 4,842 92 

Agents' balances 792 76 



Total assets in Canada. $ 69,291 68 

LIABILITIES IN CANADA. 

Net amount of losses in Canada, claimed but not adjusted ....$ 58 55 

Besor ve of unearned premiums for all outstanding risks in Canada ... 1,882 61 

Total liabilities in Canada $ 1,941 16 

INCOME IN CANADA. 

Gross cash received for accident premiums $ 4,668 65 

Deduct reinsurance, return-premiums, etc 514 30 



Not cash received for premiums $ 4,154 35 

Interest on bank deposit 137 14 



Total income in Canada $ 4.291 49 

EXPENDITURE IN CANADA. 

Amount paid for losses occurring in previous years (which losses were estimated 

in the last statement at $95) $ 5000 

Amount paid for losses occurring during the year 302 15 

Total net amount paid during the year for accident losses in Canada... $ 352 15 

Commission or brokerage, salaries, fees and other charges of officials.. 1,652 45 

Taxes 289 41 

All othor payments, viz.: — Postage and telegrams, $20.94; office 

supplies, $26.50; advertising, $20; exchange, $8.42 75 86 

Total expenditure in Canada $ 2,369 87 



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ACCIDENT, GUARANTEE, PLATE GLASS, &C, INSURANCE COMPANIES. 367 

NORWICH AND LONDON— Concluded. 

RISKS AND PREMIUMS. 
For Accident Risks. No. Amount. 



Premiums 
thereon. 



Gross policies in force at date of last statement 190 8 514 f 500 $ 2,489 00 

Policies taken during the year, new 215 488,500 2,819 16 

do do renewed 121 337,500 1,849 50 



Total 526 $1,340,500 $7,157(55 

Deduct terminated 262 639,500 3,392 43 



Gross in force at end of year 264 $ 701,000 $3,765 22 

Deduct reinsured Nil. Nil. 



Net in force at 31st December, 1892 ^64 8 70 1,000 8 3,765 22 

Number of policies in force at date 264 

Total amount in force ft 701,000 00 

Premiums thereon 3,765 22 , 

Subscribed and sworn to, 28th February, 1893, by 

HUGH SCOTT, 

One of the Chief Agents. 
(Received, 2nd March, 1893.) 

General Business Statement for the Year ending 31st August, 1892. 

(Abstracted from the Directors 9 Report, Norwich, England, December 5tA, 1892.) 

The statement of accounts for the year ending August 31st last shows that the 
premiums have amounted to the 6um of £77,010 5s. 5d., as against £75,735 Is. 5d. 
for the preceding year, and that, including the interest on the invested funds, the 
total income of the association was £83,608 19s. 7d., thus exhibiting a steady pro- 
gress which the directors regard with much satisfaction. The amount paid for 
claims has been £38,071 4s., as against £38,8(51 4s. in the previous year. The 
directors have, as usual, set aside one-third of the premiums for the year, to cover 
the unexpired risks on current policies, and, after making provision, and adding 
£5,000 to the reserve fund, which increases the amount to £50,000, there remains an 
unappropriated balance of £19,557 10s. 4d., out of which they recommend a further 
dividend of 9s. per share (free of income tax) be paid to the shareholders, making, 
with the interim dividend paid last June, the sum of 14s. per share. The total 
assets of the association now amount to tho sum of £201,522 17s. 4d. 

REVENUE ACCOUNT FOR YEAR ENDING 31ST AUGUST, 1892. 

£ 8. d. £ g. d. 

Insurance fund, August 31st, 1891.... 88,823 14 4 Claim* 38,071 4 

Premiums (leas reassurances) . . 77,010 5 5 Commission 8,489 19 9 

Interest, &c 6,598 14 2 Expenses 14,064 18 1 

Abatement to policy-holders 3,579 1 9 

Dividend to shareholders 13,000 

Insurance fund, August 31st, 1892 95,227 10 4 

£ 172,432 13 11 £172,432 13 11 

BALANCE SHEET AT 31ST AUGUST, 1892. 

£ s. d. £ s. d. £ 

Paid-up capital 100,000 India and Colonial securities 54,051 

Insurance fund - Railway and other debenture stocks.. 38,382 

General reserve . . . 50,000 Railway guaranteed and preference 

Reserve for unexpired stocks 70,164 

risks 25,670 Mortgages on real estate 10,000 

Balance 19,557 10 4 Freehold property 3,000 

95,227 10 4 Agents' balances 8,573 

Outstanding claims 6,099 Cash at bankers 17,311 

Suspense account . ; 196 7 Cash in hand 41 



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368 DEPARTMENT OF FINANCE — INSURANCE BRANCH. 

THE SON LIFE ASSURANCE COMPANY OF CANADA. 

Statement for the Year ending 31st December, 1892. 

accident department. 

{For Assets, see Life Statement.) 

LIABILITIES. 

Unearned premiums .' $ 1,255 20 

Claims outstanding, awaiting proper discharges 6,500 00 

Total accident liabilities $ 7,755 20 

INCOME. 

Grofls cash received for premiums $ 31,187 18 

Less paid on account of reinsurances 5,000 00 

Net cash premium income S 26,187 18 

DISBURSEMENTS. 

Claims paid during the year $ 11,962 59 

Expenses 15,593 59 

Total accident disbursements $ 27,556 18 

MISCELLANEOUS. 

Number of policies issued during the year, new and renewed 2,664 

Amount of said policies , $7,379,781 72 

Premiums thereon. .: 33,001 42 

Number of policies in force at the end of the year 2,259 

Deduct number of policies reinsured in other licensed compan- 
ies in Canada 2,259 

Net number of policies in force at 3 1st December, 1892 Nil. 

Amount in force at the end of the year 6,098,565 05 

Deduct amount of said policies reinsured in other licensed companies 

in Canada 6,098,565 05 

Net amount in force at 31st December, 1892 Nil. 

Subscribed and sworn to, 28th February, 1893, by 

R MACAULAY, 

President. 
T. B. MACAULAY, 

Secretary. 
(Received, 1st March, 1893.) 



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ACCIDENT, GUARANTEE, PLATE OLA88, &C, INSURANCE 00MPANIE8. 369* 

THE TEAYBLERS , INSURANCE COMPANY OP HARTFORD, CONN., U.S. 
Statement for the Year ending 31st December, 1892. 



ACCIDENT DEPARTMENT— CANADIAN BUSINESS. 



(For Assets, See Life Statement.') 



LIABILITIES IN CANADA. 



Amount of claims on accident policies iu Canada unadjusted bat not 

resisted < 7,813 60 

Amount of reserve on all outstanding risks in Canada 36,702 99 



Total liabilities in Canada $ 44, 516 59 

INCOME IN CAN